7,362 Shares in RingCentral, Inc. (NYSE:RNG) Bought by Savant Capital LLC

Savant Capital LLC purchased a new stake in RingCentral, Inc. (NYSE:RNG) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 7,362 shares of the software maker’s stock, valued at approximately $258,000.

A number of other large investors also recently modified their holdings of RNG. Venturi Wealth Management LLC boosted its holdings in shares of RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares during the last quarter. Quarry LP raised its holdings in shares of RingCentral by 106.7% in 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 during the period. KBC Group NV lifted its stake in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. CWM LLC increased its position in RingCentral by 595.9% during the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after buying an additional 4,064 shares during the last quarter. Finally, Point72 DIFC Ltd raised its stake in 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 acquiring an additional 4,155 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction 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 sale, the senior vice president now directly owns 357,818 shares of the company’s stock, valued at approximately $12,509,317.28. This represents a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ned D. Segal sold 2,914 shares of RingCentral stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the transaction, the director now directly owns 10,633 shares of the company’s stock, valued at $442,332.80. This represents a 21.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,010 shares of company stock valued at $4,036,229. Insiders own 6.97% of the company’s stock.

RingCentral Price Performance

RingCentral stock opened at $33.78 on Wednesday. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19. The company has a market capitalization of $3.05 billion, a P/E ratio of -31.86, a P/E/G ratio of 1.43 and a beta of 1.01. The business has a 50 day moving average of $35.44 and a 200-day moving average of $34.33.

Wall Street Analyst Weigh In

RNG has been the subject of a number of research analyst reports. Piper Sandler lifted their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. Rosenblatt Securities restated a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research note on Friday, November 8th. Mizuho reduced their target price on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Finally, Morgan Stanley increased their price target on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, RingCentral presently has a consensus rating of “Hold” and a consensus target price of $40.60.

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.