Cwm LLC Has $150,000 Position in RingCentral, Inc. (NYSE:RNG)

Cwm LLC raised its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 595.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,746 shares of the software maker’s stock after purchasing an additional 4,064 shares during the quarter. Cwm LLC’s holdings in RingCentral were worth $150,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC lifted its stake in shares of RingCentral by 44.1% during the 1st 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 last quarter. Sei Investments Co. lifted its position in RingCentral by 2.3% during the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after acquiring an additional 539 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of RingCentral by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock worth $154,000 after acquiring an additional 540 shares during the period. Sovereign Financial Group Inc. grew its position in shares of RingCentral by 6.9% in the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after purchasing an additional 625 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of RingCentral by 138.3% during 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. 98.61% of the stock is owned by institutional investors.

RingCentral Stock Performance

RingCentral stock opened at $34.18 on Friday. The stock has a market capitalization of $3.14 billion, a P/E ratio of -24.07, a price-to-earnings-growth ratio of 2.65 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 stock has a fifty day moving average of $31.58 and a 200-day moving average of $31.85.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating the consensus estimate 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. RingCentral’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.03) EPS. On average, research analysts forecast that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Northland Securities boosted their price target on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research report on Monday, August 5th. Robert W. Baird raised 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. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $35.00 to $45.00 in a research note on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $40.07.

Insider Activity at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 573,725 shares in the company, valued at approximately $18,651,799.75. This trade 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 can be accessed through this link. In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $2,023,552.44. Following the completion of the sale, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock valued at $3,386,396 in the last 90 days. 6.76% of the stock is owned by corporate 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.