D.A. Davidson & CO. Has $429,000 Stock Position in RingCentral, Inc. (NYSE:RNG)

D.A. Davidson & CO. grew its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 15.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,263 shares of the software maker’s stock after buying an additional 1,664 shares during the quarter. D.A. Davidson & CO.’s holdings in RingCentral were worth $429,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Venturi Wealth Management LLC grew its holdings in shares of RingCentral by 150.4% during the third 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 grew its holdings in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares during the last quarter. KBC Group NV grew its holdings in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares during the last quarter. Central Pacific Bank Trust Division boosted its holdings in RingCentral by 31.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock worth $176,000 after purchasing an additional 1,194 shares during the last quarter. Finally, Point72 DIFC Ltd boosted its holdings in RingCentral by 301.1% during the third quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock worth $175,000 after purchasing an additional 4,155 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares in the company, valued at $442,332.80. This represents a 21.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP John H. Marlow sold 35,089 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the sale, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. This represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 260,831 shares of company stock valued at $7,642,238 in the last quarter. Corporate insiders own 6.97% of the company’s stock.

RingCentral Stock Down 0.5 %

NYSE RNG opened at $28.79 on Wednesday. The company’s 50 day moving average is $34.39 and its 200-day moving average is $34.20. The firm has a market cap of $2.60 billion, a P/E ratio of -44.98, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $42.19.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Barclays cut their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Raymond James cut their price target on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Needham & Company LLC cut their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Mizuho cut their price target on shares of 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 boosted their price target on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, RingCentral has an average rating of “Hold” and a consensus price target of $37.69.

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.