XTX Topco Ltd Acquires Shares of 45,647 RingCentral, Inc. (NYSE:RNG)

XTX Topco Ltd bought a new position in RingCentral, Inc. (NYSE:RNG) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 45,647 shares of the software maker’s stock, valued at approximately $1,287,000.

Several other institutional investors also recently modified their holdings of the business. Versant Capital Management Inc grew its holdings in RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares during the period. Newbridge Financial Services Group Inc. grew its stake in shares of RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after buying an additional 977 shares during the last quarter. Hexagon Capital Partners LLC increased its position in RingCentral by 44.1% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after buying an additional 410 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in RingCentral by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after buying an additional 540 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in RingCentral by 18.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,726 shares of the software maker’s stock worth $178,000 after acquiring an additional 874 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

RingCentral Stock Down 0.3 %

RingCentral stock opened at $30.28 on Friday. The business has a 50-day simple moving average of $32.26 and a two-hundred day simple moving average of $32.31. RingCentral, Inc. has a 52-week low of $25.08 and a 52-week high of $38.35. The company has a market cap of $2.78 billion, a P/E ratio of -20.32, a P/E/G ratio of 2.36 and a beta of 1.03.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $592.91 million for the quarter, compared to analysts’ expectations of $586.39 million. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.03) earnings per share. Research analysts anticipate that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several brokerages have recently weighed in on RNG. Wells Fargo & Company raised their price target on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research note on Monday, August 5th. Piper Sandler dropped their target price on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.07.

RingCentral 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.