Sei Investments Co. Purchases 8,102 Shares of RingCentral, Inc. (NYSE:RNG)

Sei Investments Co. raised its position in RingCentral, Inc. (NYSE:RNG) by 6.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 128,392 shares of the software maker’s stock after buying an additional 8,102 shares during the quarter. Sei Investments Co. owned about 0.14% of RingCentral worth $4,495,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Quarry LP raised its holdings 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 acquiring an additional 982 shares during the period. Venturi Wealth Management LLC raised its stake in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock valued at $101,000 after purchasing an additional 1,028 shares during the period. KBC Group NV lifted its holdings in RingCentral by 30.8% during the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after purchasing an additional 819 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in RingCentral in the 4th quarter worth about $173,000. Finally, Central Pacific Bank Trust Division grew its holdings in RingCentral by 31.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock valued at $176,000 after buying an additional 1,194 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RNG. Rosenblatt Securities lowered their target price on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Mizuho lowered 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. Wells Fargo & Company restated an “underweight” rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Piper Sandler decreased their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Finally, Raymond James cut their price target on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, RingCentral presently has an average rating of “Hold” and a consensus price target of $37.69.

RingCentral Stock Performance

Shares of NYSE:RNG opened at $25.87 on Thursday. The firm has a market cap of $2.35 billion, a PE ratio of -40.42, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. The firm’s 50 day simple moving average is $30.30 and its 200-day simple moving average is $33.36. RingCentral, Inc. has a one year low of $23.89 and a one year high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The company had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Equities research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 22,979 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares of the company’s stock, valued at approximately $10,046,623.18. This trade represents a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is owned by company 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.