Magnetar Financial LLC Takes Position in RingCentral, Inc. (NYSE:RNG)

Magnetar Financial LLC bought a new stake in RingCentral, Inc. (NYSE:RNG) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 16,312 shares of the software maker’s stock, valued at approximately $460,000.

Several other institutional investors and hedge funds also recently made changes to their positions in RNG. Norges Bank acquired a new stake in shares of RingCentral in the 4th quarter valued at $30,471,000. Capital World Investors boosted its stake in shares of RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock valued at $421,723,000 after purchasing an additional 825,156 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of RingCentral by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after purchasing an additional 538,325 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of RingCentral by 25.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock valued at $51,224,000 after purchasing an additional 365,738 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of RingCentral by 15.9% in the 4th quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock valued at $67,626,000 after purchasing an additional 273,109 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Activity

In other news, CAO John H. Marlow sold 19,498 shares of the company’s 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 completion of the sale, the chief accounting officer now directly owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO John H. Marlow sold 19,498 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 391,542 shares of the company’s stock, valued at $12,732,945.84. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock valued at $3,380,044 in the last ninety days. 6.76% of the stock is owned by insiders.

RingCentral Stock Performance

RingCentral stock opened at $30.63 on Wednesday. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $38.35. The company’s 50-day moving average is $32.21 and its two-hundred day moving average is $32.25.

RingCentral (NYSE:RNG) last announced its quarterly 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 company had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. The business’s revenue was up 9.9% compared to the same quarter last year. During the same period last year, the company earned ($0.03) earnings per share. As a group, equities analysts expect that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RNG. Wells Fargo & Company upped their price target on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. 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. Robert W. Baird upped their price target on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Piper Sandler reduced their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Finally, StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 6th. Eight 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price 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.