Cwm LLC raised its holdings in shares of RingCentral, Inc. (NYSE:RNG – Free Report) by 595.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,746 shares of the software maker’s stock after purchasing an additional 4,064 shares during the quarter. Cwm LLC’s holdings in RingCentral were worth $150,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC lifted its stake in shares of RingCentral by 44.1% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after buying an additional 410 shares during the last quarter. Sei Investments Co. lifted its position in RingCentral by 2.3% during the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after acquiring an additional 539 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of RingCentral by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock worth $154,000 after acquiring an additional 540 shares during the period. Sovereign Financial Group Inc. grew its position in shares of RingCentral by 6.9% in the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after purchasing an additional 625 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of RingCentral by 138.3% during 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 during the period. 98.61% of the stock is owned by institutional investors.
RingCentral Stock Performance
RingCentral stock opened at $34.18 on Friday. The stock has a market capitalization of $3.14 billion, a P/E ratio of -24.07, a price-to-earnings-growth ratio of 2.65 and a beta of 1.03. RingCentral, Inc. has a 52 week low of $25.08 and a 52 week high of $38.35. The stock has a fifty day moving average of $31.58 and a 200-day moving average of $31.85.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the company. Northland Securities boosted their price target on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research report on Monday, August 5th. Robert W. Baird raised their price target on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $35.00 to $45.00 in a research note on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $40.07.
Check Out Our Latest Stock Report on RNG
Insider Activity at RingCentral
In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the transaction, the chief executive officer now directly owns 573,725 shares in the company, valued at approximately $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $2,023,552.44. Following the completion of the sale, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock valued at $3,386,396 in the last 90 days. 6.76% of the stock is owned by corporate 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.
Featured Articles
- Five stocks we like better than RingCentral
- The 3 Best Retail Stocks to Shop for in August
- Why Meta’s Pre-Earnings Dip Could Be A Golden Entry Opportunity
- Quiet Period Expirations Explained
- Spirit Airlines Stock Nearly Doubled: Are Clear Skies Ahead?
- How to Read Stock Charts for Beginners
- Tesla Stock: Buy the Dips, Sell the Rips
Want to see what other hedge funds are holding RNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RingCentral, Inc. (NYSE:RNG – Free Report).
Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.