Central Pacific Bank Trust Division Invests $121,000 in RingCentral, Inc. (NYSE:RNG)

Central Pacific Bank Trust Division acquired a new stake in RingCentral, Inc. (NYSE:RNG) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,839 shares of the software maker’s stock, valued at approximately $121,000.

Several other large investors have also recently added to or reduced their stakes in the business. Natixis acquired a new position in shares of RingCentral in the first quarter worth $837,000. Vanguard Group Inc. grew its stake in RingCentral by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after purchasing an additional 382,343 shares in the last quarter. Newbridge Financial Services Group Inc. increased its holdings in RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after purchasing an additional 977 shares during the period. Victory Capital Management Inc. raised its position in RingCentral by 35.0% in the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock valued at $3,280,000 after purchasing an additional 30,138 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 buying an additional 273,109 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on RNG shares. Deutsche Bank Aktiengesellschaft upped their target price on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Northland Securities lifted their price objective 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. Wells Fargo & Company boosted their target price on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Robert W. Baird raised their price target on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, StockNews.com cut 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 issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $40.07.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the company’s 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 transaction, the chief executive officer now directly owns 573,725 shares in the company, valued at approximately $18,651,799.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 10,184 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now owns 137,545 shares of the company’s stock, valued at approximately $4,522,479.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock valued at $3,386,396 in the last three months. 6.76% of the stock is currently owned by company insiders.

RingCentral Stock Down 0.2 %

NYSE RNG opened at $30.98 on Friday. The firm has a market cap of $2.86 billion, a P/E ratio of -20.79, a P/E/G ratio of 2.46 and a beta of 1.03. RingCentral, Inc. has a 52-week low of $25.08 and a 52-week high of $38.35. The business’s 50-day moving average price is $31.90 and its 200 day moving average price is $32.04.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. RingCentral’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) earnings per share. As a group, 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.