State of New Jersey Common Pension Fund D Buys 5,085 Shares of RingCentral, Inc. (NYSE:RNG)

State of New Jersey Common Pension Fund D boosted its stake in shares of RingCentral, Inc. (NYSE:RNG) by 9.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,947 shares of the software maker’s stock after purchasing an additional 5,085 shares during the period. State of New Jersey Common Pension Fund D owned about 0.06% of RingCentral worth $1,864,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Capital World Investors lifted 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 worth $421,723,000 after purchasing an additional 825,156 shares during the period. Vanguard Group Inc. boosted its stake in shares of RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after acquiring an additional 538,325 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of RingCentral by 25.2% during the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock valued at $51,224,000 after acquiring an additional 365,738 shares during the period. Cubist Systematic Strategies LLC raised its holdings in RingCentral by 130.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after purchasing an additional 234,238 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its holdings in RingCentral by 163.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after purchasing an additional 192,766 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Stock Performance

NYSE RNG opened at $35.02 on Tuesday. The business’s 50 day moving average price is $32.89 and its 200-day moving average price is $32.52. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $40.98. The company has a market cap of $3.22 billion, a P/E ratio of -33.04, a P/E/G ratio of 2.27 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The business had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. As a group, equities analysts predict that RingCentral, Inc. will post 0.84 EPS for the current year.

Wall Street Analyst Weigh In

RNG has been the subject of a number of analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Wedbush increased their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Robert W. Baird lifted their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, Northland Securities increased their price target on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, RingCentral has an average rating of “Moderate Buy” and an average price target of $40.73.

Insider Buying and Selling

In other RingCentral 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 value of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. This trade represents a 9.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the sale, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at $11,995,905.90. This represents a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 106,002 shares of company stock valued at $3,463,214 in the last ninety days. 6.76% of the stock is owned by company insiders.

RingCentral Company 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.