Principal Financial Group Inc. Takes $233,000 Position in RingCentral, Inc. (NYSE:RNG)

Principal Financial Group Inc. purchased a new position in shares of RingCentral, Inc. (NYSE:RNG) during the third quarter, according to the company in its most recent Form 13F filing 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 hedge funds have also recently added to or reduced their stakes in RNG. Sovereign Financial Group Inc. increased its holdings in RingCentral by 6.9% in the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after buying an additional 625 shares during the period. Xponance Inc. boosted its position in shares of RingCentral by 6.8% during the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock worth $314,000 after acquiring an additional 704 shares in the last quarter. KBC Group NV increased its stake in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares during the last quarter. Private Advisor Group LLC raised its position in RingCentral by 13.6% during the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after purchasing an additional 971 shares in the last quarter. Finally, Quarry LP lifted its stake in RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

Shares of NYSE:RNG opened at $36.73 on Tuesday. The firm has a fifty day moving average price of $37.38 and a two-hundred day moving average price of $33.57. The company has a market cap of $3.32 billion, a price-to-earnings ratio of -34.65, a PEG ratio of 2.48 and a beta of 0.99. RingCentral, Inc. has a one year low of $26.98 and a one year high of $42.19.

RingCentral (NYSE:RNG) last announced 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. The company had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Equities research analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Vaibhav Agarwal sold 2,178 shares of RingCentral stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at $4,781,201.20. The trade was a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John H. Marlow sold 8,720 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the completion of the transaction, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at $14,081,241.45. This represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,188 shares of company stock valued at $4,113,047 in the last ninety days. Company insiders own 6.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on RNG shares. Piper Sandler upped their price target on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Raymond James reaffirmed an “outperform” rating and issued a $45.00 price target (down from $50.00) on shares of RingCentral in a research note on Friday. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Wedbush boosted their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Robert W. Baird boosted their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, RingCentral currently has a consensus rating of “Moderate Buy” and an average price target of $41.64.

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.