Cornercap Investment Counsel Inc. Buys New Stake in RingCentral, Inc. (NYSE:RNG)

Cornercap Investment Counsel Inc. purchased a new position in shares of RingCentral, Inc. (NYSE:RNG) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,401 shares of the software maker’s stock, valued at approximately $519,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jupiter Asset Management Ltd. grew its position in shares of RingCentral by 404.2% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock valued at $6,181,000 after acquiring an additional 175,715 shares during the period. American Century Companies Inc. grew its holdings in RingCentral by 195.7% in the second quarter. American Century Companies Inc. now owns 38,622 shares of the software maker’s stock valued at $1,089,000 after purchasing an additional 25,561 shares during the period. Headlands Technologies LLC purchased a new stake in shares of RingCentral in the second quarter valued at approximately $350,000. PFG Investments LLC acquired a new position in shares of RingCentral during the 2nd quarter worth approximately $716,000. Finally, Quest Partners LLC lifted its position in shares of RingCentral by 268.7% during the 2nd quarter. Quest Partners LLC now owns 17,312 shares of the software maker’s stock valued at $488,000 after buying an additional 12,617 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Trading Up 3.7 %

Shares of RNG stock opened at $29.38 on Friday. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $38.35. The company’s 50-day moving average price is $32.11 and its 200-day moving average price is $32.42. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of -19.72, a PEG ratio of 2.18 and a beta of 1.03.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. As a group, equities research analysts predict that RingCentral, Inc. will post 0.63 EPS for the current year.

Insider Buying and Selling

In other news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the transaction, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other RingCentral news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the transaction, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at $12,732,945.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares of the company’s stock, valued at $18,651,799.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 103,824 shares of company stock worth $3,380,044. Company insiders own 6.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RNG shares. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 6th. Northland Securities upped their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Piper Sandler lowered their price objective on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Needham & Company LLC reiterated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research note on Monday, August 5th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.07.

About RingCentral

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.