Virtu Financial LLC Purchases Shares of 28,875 RingCentral, Inc. (NYSE:RNG)

Virtu Financial LLC acquired a new position in shares of RingCentral, Inc. (NYSE:RNG) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 28,875 shares of the software maker’s stock, valued at approximately $814,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Primecap Management Co. CA grew its position in RingCentral by 166.7% in the 2nd quarter. Primecap Management Co. CA now owns 54,000 shares of the software maker’s stock worth $1,523,000 after purchasing an additional 33,750 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of RingCentral by 3.5% in the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock valued at $45,309,000 after acquiring an additional 54,500 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of RingCentral during the second quarter valued at approximately $3,630,000. Federated Hermes Inc. lifted its holdings in RingCentral by 4.5% during the second quarter. Federated Hermes Inc. now owns 92,581 shares of the software maker’s stock worth $2,611,000 after acquiring an additional 4,019 shares during the period. Finally, Cornercap Investment Counsel Inc. purchased a new position in RingCentral in the second quarter worth $519,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on RNG shares. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, August 5th. Robert W. Baird increased their target price on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. StockNews.com lowered RingCentral from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th. Finally, Wells Fargo & Company boosted their target price on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Eight 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. According to MarketBeat, RingCentral has an average rating of “Moderate Buy” and a consensus price target of $40.07.

RingCentral Trading Up 0.9 %

Shares of RNG stock opened at $30.36 on Friday. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $38.35. The stock has a market cap of $2.79 billion, a P/E ratio of -20.38, a P/E/G ratio of 2.36 and a beta of 1.03. The company has a 50 day simple moving average of $32.24 and a two-hundred day simple moving average of $32.35.

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

Insiders Place Their Bets

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total value of $331,589.85. Following the sale, the chief financial officer now owns 358,622 shares in the company, valued at approximately $11,995,905.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the sale, the chief financial officer now directly owns 358,622 shares in the company, valued at approximately $11,995,905.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the sale, the chief accounting officer now owns 391,542 shares in the company, valued at $12,732,945.84. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock worth $3,380,044 in the last three months. 6.76% of the stock is owned by company insiders.

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.