Principal Financial Group Inc. Purchases Shares of 7,380 RingCentral, Inc. (NYSE:RNG)

Principal Financial Group Inc. purchased a new position in RingCentral, Inc. (NYSE:RNG) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,380 shares of the software maker’s stock, valued at approximately $233,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in RingCentral by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after buying an additional 538,325 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of RingCentral by 25.2% in the second quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after purchasing an additional 365,738 shares during the last quarter. Cubist Systematic Strategies LLC increased its position in shares of RingCentral by 130.1% in the second 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 last quarter. Jacobs Levy Equity Management Inc. raised its stake in RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after purchasing an additional 192,766 shares in the last quarter. Finally, Jupiter Asset Management Ltd. lifted its position in RingCentral by 404.2% during the second quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock valued at $6,181,000 after purchasing an additional 175,715 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Northland Securities boosted their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Wedbush increased their price target on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Robert W. Baird upped their price objective 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. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $40.73.

RingCentral Stock Performance

RNG stock opened at $38.98 on Tuesday. The firm has a 50 day moving average price of $33.64 and a 200-day moving average price of $32.66. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $40.98. The firm has a market capitalization of $3.53 billion, a price-to-earnings ratio of -36.77, a PEG ratio of 2.34 and a beta of 0.99.

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

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the sale, the senior vice president now directly owns 357,818 shares in the company, valued at $12,509,317.28. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.97, for a total transaction of $356,134.48. Following the sale, the chief financial officer now owns 116,306 shares of the company’s stock, valued at approximately $4,067,220.82. This represents a 8.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 104,082 shares of company stock valued at $3,632,417 in the last quarter. 6.76% of the stock is owned by 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.