Empowered Funds LLC Acquires New Shares in RingCentral, Inc. (NYSE:RNG)

Empowered Funds LLC acquired a new position in shares of RingCentral, Inc. (NYSE:RNG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 10,477 shares of the software maker’s stock, valued at approximately $367,000.

Several other large investors have also added to or reduced their stakes in the stock. Pacer Advisors Inc. increased its holdings in shares of RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares during the period. Hennessy Advisors Inc. purchased a new position in RingCentral during the fourth quarter worth about $59,055,000. Charles Schwab Investment Management Inc. increased its stake in RingCentral by 7.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker’s stock worth $26,003,000 after acquiring an additional 59,570 shares during the last quarter. Fort Washington Investment Advisors Inc. OH raised its holdings in shares of RingCentral by 32.5% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after acquiring an additional 134,928 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of RingCentral by 65.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after acquiring an additional 151,433 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

Shares of NYSE:RNG opened at $30.78 on Friday. The company has a market capitalization of $2.78 billion, a PE ratio of -29.04, a PEG ratio of 1.39 and a beta of 1.01. The business has a fifty day moving average price of $35.02 and a 200-day moving average price of $34.29. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. On average, sell-side analysts anticipate that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RingCentral news, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the transaction, the director now owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. The trade was a 4.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 8,720 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total transaction of $366,676.00. Following the transaction, the senior vice president now owns 334,869 shares in the company, 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 sold a total of 13,091 shares of company stock worth $542,958 in the last three months. Insiders own 6.97% of the company’s stock.

Analyst Upgrades and Downgrades

RNG has been the topic of several research analyst reports. Wells Fargo & Company restated an “underweight” rating and issued a $30.00 price objective (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Piper Sandler raised their price target on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Barclays downgraded shares of RingCentral from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $45.00 to $37.00 in a research note on Monday, January 27th. Mizuho cut their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $45.00 target price on shares of RingCentral in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $40.60.

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.