RingCentral, Inc. (NYSE:RNG) Shares Purchased by Pacer Advisors Inc.

Pacer Advisors Inc. increased its position in shares of RingCentral, Inc. (NYSE:RNG) by 25.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,816,464 shares of the software maker’s stock after buying an additional 365,738 shares during the quarter. Pacer Advisors Inc. owned about 1.97% of RingCentral worth $51,224,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina raised its position in RingCentral by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock valued at $1,284,000 after purchasing an additional 360 shares during the last quarter. 1492 Capital Management LLC raised its holdings in shares of RingCentral by 1.0% in the fourth quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock valued at $1,248,000 after buying an additional 363 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after buying an additional 410 shares during the period. Sovereign Financial Group Inc. grew its holdings in shares of RingCentral by 6.0% during the first quarter. Sovereign Financial Group Inc. now owns 8,927 shares of the software maker’s stock worth $310,000 after buying an additional 507 shares during the last quarter. Finally, Sei Investments Co. increased its position in RingCentral by 2.3% in the 1st quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock valued at $816,000 after acquiring an additional 539 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Activity at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the transaction, the chief executive officer now owns 573,725 shares of the company’s stock, valued at $18,651,799.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction on Wednesday, August 21st. The stock was 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral 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 sale, the chief financial officer now owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,824 shares of company stock valued at $3,380,044. 6.76% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on RNG shares. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, August 5th. StockNews.com lowered shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 6th. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Finally, Piper Sandler cut their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, RingCentral presently has an average rating of “Moderate Buy” and an average price target of $40.07.

RingCentral Stock Down 0.1 %

NYSE:RNG opened at $30.32 on Friday. RingCentral, Inc. has a 52-week low of $25.08 and a 52-week high of $38.35. The stock has a fifty day simple moving average of $32.26 and a 200-day simple moving average of $32.32. The company has a market capitalization of $2.79 billion, a PE ratio of -20.35, a price-to-earnings-growth 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. During the same quarter in the previous year, the firm posted ($0.03) EPS. The business’s revenue was up 9.9% on a year-over-year basis. As a group, equities analysts anticipate that RingCentral, Inc. will post 0.63 earnings per share for the current year.

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.