Hexagon Capital Partners LLC Grows Position in RingCentral, Inc. (NYSE:RNG)

Hexagon Capital Partners LLC increased its holdings in RingCentral, Inc. (NYSE:RNG) by 44.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,340 shares of the software maker’s stock after buying an additional 410 shares during the quarter. Hexagon Capital Partners LLC’s holdings in RingCentral were worth $47,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC bought a new position in RingCentral in the 4th quarter worth $26,000. Tennessee Valley Asset Management Partners bought a new position in shares of RingCentral in the fourth quarter worth about $33,000. Nisa Investment Advisors LLC grew its position in shares of RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after purchasing an additional 500 shares in the last quarter. Newbridge Financial Services Group Inc. raised its stake in RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after purchasing an additional 977 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in RingCentral in the 3rd quarter worth approximately $53,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 11,406 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total transaction of $410,730.06. Following the sale, the chief financial officer now owns 158,784 shares of the company’s stock, valued at approximately $5,717,811.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the sale, the chief financial officer now owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 11,406 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the sale, the chief financial officer now owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The disclosure for this sale can be found here. 6.76% of the stock is currently owned by corporate insiders.

RingCentral Price Performance

RingCentral stock opened at $29.44 on Tuesday. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of -19.76, a price-to-earnings-growth ratio of 2.44 and a beta of 1.03. The firm has a 50-day moving average of $32.20 and a two-hundred day moving average of $32.95. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $43.28.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $584.21 million during the quarter, compared to analysts’ expectations of $577.81 million. Research analysts expect that RingCentral, Inc. will post 0.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

RNG has been the subject of several research analyst reports. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 9th. Robert W. Baird boosted their target price on RingCentral from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, May 9th. Wells Fargo & Company cut their price target on RingCentral from $33.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, June 21st. Morgan Stanley decreased their price objective on RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 17th. Finally, UBS Group raised their target price on shares of RingCentral from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Ten investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

RingCentral Company Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.