Susquehanna Fundamental Investments LLC Makes New Investment in RingCentral, Inc. (NYSE:RNG)

Susquehanna Fundamental Investments LLC purchased a new stake in shares of RingCentral, Inc. (NYSE:RNG) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 170,265 shares of the software maker’s stock, valued at approximately $4,801,000. Susquehanna Fundamental Investments LLC owned approximately 0.18% of RingCentral at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc boosted its position in RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after buying an additional 664 shares during the period. Newbridge Financial Services Group Inc. grew its stake 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 during the last quarter. Hexagon Capital Partners LLC increased its holdings in RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after purchasing an additional 410 shares during the period. Point72 DIFC Ltd bought a new position in RingCentral during the 2nd quarter worth $39,000. Finally, PNC Financial Services Group Inc. lifted its holdings in RingCentral by 13.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock worth $154,000 after buying an additional 540 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Stock Up 1.5 %

Shares of NYSE:RNG opened at $31.54 on Monday. The business’s 50 day moving average is $32.11 and its 200 day moving average is $32.14. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $38.35. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -21.17, a PEG ratio of 2.38 and a beta of 1.03.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analysts’ expectations of $586.39 million. The company’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.03) EPS. As a group, equities research analysts expect that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

RNG has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research note on Monday, August 5th. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. Robert W. Baird upped their price objective on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Piper Sandler lowered their target price on RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Finally, Northland Securities increased their price objective on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.07.

Insider Transactions at RingCentral

In related news, CEO Vladimir Shmunis sold 62,244 shares of the 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 completion of the transaction, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at $12,732,945.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at $18,651,799.75. The disclosure for this sale can be found here. Insiders have sold 101,839 shares of company stock worth $3,324,067 in the last ninety days. Company insiders own 6.76% of the company’s stock.

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.