RingCentral, Inc. (NYSE:RNG) Stock Holdings Increased by Xponance Inc.

Xponance Inc. lifted its stake in RingCentral, Inc. (NYSE:RNG) by 6.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,122 shares of the software maker’s stock after purchasing an additional 704 shares during the quarter. Xponance Inc.’s holdings in RingCentral were worth $314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Versant Capital Management Inc lifted its position in shares of RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares in the last quarter. Newbridge Financial Services Group Inc. lifted its position in shares of RingCentral by 438.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after purchasing an additional 977 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in shares of RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after purchasing an additional 410 shares in the last quarter. PNC Financial Services Group Inc. raised its position in RingCentral by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after acquiring an additional 540 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its position in RingCentral by 19.5% during the second quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker’s stock valued at $236,000 after acquiring an additional 1,366 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the company. Piper Sandler lowered their price target on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft increased their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th. Northland Securities raised their price objective on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird raised their price objective on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.07.

RingCentral Stock Down 3.0 %

Shares of RNG stock opened at $30.67 on Wednesday. RingCentral, Inc. has a one year low of $25.08 and a one year high of $38.35. The stock has a fifty day moving average price of $32.06 and a 200 day moving average price of $32.08.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. The firm’s revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.03) earnings per share. On average, research analysts forecast that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CAO John H. Marlow sold 19,498 shares of RingCentral stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the transaction, the chief accounting officer now directly owns 391,542 shares of the company’s stock, valued at $12,732,945.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Vladimir Shmunis sold 62,244 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the transaction, the chief executive officer now owns 573,725 shares in the company, valued at approximately $18,651,799.75. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 101,839 shares of company stock valued at $3,324,067. 6.76% of the stock is currently 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.