Stifel Financial Corp Grows Stake in RingCentral, Inc. (NYSE:RNG)

Stifel Financial Corp lifted its stake in RingCentral, Inc. (NYSE:RNG) by 3.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,924 shares of the software maker’s stock after buying an additional 1,752 shares during the period. Stifel Financial Corp owned approximately 0.06% of RingCentral worth $1,642,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Quantinno Capital Management LP raised its stake in shares of RingCentral by 59.1% during the third quarter. Quantinno Capital Management LP now owns 135,474 shares of the software maker’s stock valued at $4,285,000 after purchasing an additional 50,329 shares during the period. Quarry LP grew its stake in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares in the last quarter. RBF Capital LLC purchased a new stake in RingCentral during the 3rd quarter worth approximately $474,000. Point72 DIFC Ltd raised its position in shares of RingCentral by 301.1% in the 3rd quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock valued at $175,000 after purchasing an additional 4,155 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in shares of RingCentral by 2.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 201,029 shares of the software maker’s stock valued at $6,359,000 after buying an additional 4,332 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the transaction, the chief financial officer now owns 135,560 shares in the company, valued at $4,256,584. This represents a 1.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the sale, the senior vice president now owns 357,818 shares in the company, valued at $12,509,317.28. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 117,173 shares of company stock worth $4,175,376. 6.97% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Mizuho reaffirmed a “neutral” rating and issued a $42.00 price target on shares of RingCentral in a report on Friday, December 13th. Wedbush boosted their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Raymond James lowered their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Finally, Piper Sandler increased their target price on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral currently has a consensus rating of “Moderate Buy” and an average price target of $42.00.

RingCentral Price Performance

Shares of RNG opened at $37.45 on Friday. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $42.19. The stock has a fifty day moving average price of $36.72 and a 200 day moving average price of $33.14. The company has a market cap of $3.39 billion, a P/E ratio of -35.33, a PEG ratio of 2.48 and a beta of 0.99.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, research analysts anticipate that RingCentral, Inc. will post 0.84 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.