nVerses Capital LLC Has $193,000 Stock Position in RingCentral, Inc. (NYSE:RNG)

nVerses Capital LLC lifted its holdings in RingCentral, Inc. (NYSE:RNG) by 916.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,100 shares of the software maker’s stock after purchasing an additional 5,500 shares during the period. nVerses Capital LLC’s holdings in RingCentral were worth $193,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of RNG. Versant Capital Management Inc increased its holdings in shares of RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after acquiring an additional 664 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings 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 period. Point72 DIFC Ltd acquired a new position in RingCentral in the 2nd quarter valued at $39,000. Central Pacific Bank Trust Division acquired a new position in RingCentral during the 3rd quarter worth $121,000. Finally, PNC Financial Services Group Inc. grew its position in shares of RingCentral by 13.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after purchasing an additional 540 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RNG has been the subject of several recent analyst reports. Robert W. Baird increased their target price on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Wells Fargo & Company boosted their target price on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and raised their price target for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. Wedbush raised shares of RingCentral to a “hold” rating in a research report on Thursday. Finally, Piper Sandler lowered their target price on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Eight equities research 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 MarketBeat, RingCentral presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.07.

RingCentral Stock Up 2.9 %

RNG opened at $33.93 on Friday. The stock has a market cap of $3.13 billion, a P/E ratio of -22.77, a P/E/G ratio of 2.55 and a beta of 1.03. The company has a fifty day simple moving average of $31.49 and a 200 day simple moving average of $31.82. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $38.35.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. RingCentral’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) earnings per share. On average, equities research analysts expect that RingCentral, Inc. will post 0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO John H. Marlow sold 19,498 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the transaction, the chief accounting officer now directly owns 391,542 shares in the company, valued at approximately $12,732,945.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the transaction, the chief financial officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the sale, the chief accounting officer now directly owns 391,542 shares in the company, valued at $12,732,945.84. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock valued at $3,386,396 in the last three months. 6.76% of the stock is currently owned by corporate insiders.

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.