Sovereign Financial Group Inc. Raises Stake in RingCentral, Inc. (NYSE:RNG)

Sovereign Financial Group Inc. boosted its position in RingCentral, Inc. (NYSE:RNG) by 6.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,927 shares of the software maker’s stock after purchasing an additional 507 shares during the period. Sovereign Financial Group Inc.’s holdings in RingCentral were worth $310,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Sylebra Capital LLC bought a new stake in shares of RingCentral in the third quarter valued at $242,462,000. Ameriprise Financial Inc. raised its stake in RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after acquiring an additional 2,275,245 shares during the period. Norges Bank bought a new stake in RingCentral in the 4th quarter valued at about $30,471,000. Maple Rock Capital Partners Inc. purchased a new stake in RingCentral during the third quarter valued at about $15,510,000. Finally, Vanguard Group Inc. boosted its position in RingCentral by 4.9% during the third quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock worth $295,971,000 after purchasing an additional 469,280 shares during the period. 98.61% of the stock is owned by institutional investors.

RingCentral Trading Up 3.0 %

RNG opened at $27.79 on Friday. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $43.28. The stock has a 50-day moving average price of $32.23 and a 200-day moving average price of $32.99.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $584.21 million for the quarter, compared to the consensus estimate of $577.81 million. On average, research analysts anticipate that RingCentral, Inc. will post 0.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RNG. Wells Fargo & Company lowered their price target on shares of RingCentral from $33.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, June 21st. Wedbush reissued a “neutral” rating and set a $40.00 target price on shares of RingCentral in a report on Thursday, May 9th. Mizuho raised their price target on RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Rosenblatt Securities reiterated a “neutral” rating and set a $35.00 price objective on shares of RingCentral in a research note on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on RingCentral from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total value of $410,730.06. Following the completion of the sale, the chief financial officer now directly owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the sale, the chief financial officer now owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the transaction, the chief financial officer now directly owns 158,784 shares in the company, valued at $5,717,811.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,868 shares of company stock valued at $774,736. Insiders own 6.76% of the company’s stock.

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.