RingCentral, Inc. (NYSE:RNG) Shares Purchased by Quest Partners LLC

Quest Partners LLC boosted its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 268.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,312 shares of the software maker’s stock after acquiring an additional 12,617 shares during the quarter. Quest Partners LLC’s holdings in RingCentral were worth $488,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Treasurer of the State of North Carolina grew its holdings in shares of RingCentral by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock worth $1,284,000 after purchasing an additional 360 shares during the period. 1492 Capital Management LLC boosted its stake in RingCentral by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock worth $1,248,000 after buying an additional 363 shares during the period. Hexagon Capital Partners LLC increased its position in shares of RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after acquiring an additional 410 shares during the last quarter. Sovereign Financial Group Inc. raised its stake in shares of RingCentral by 6.0% in the 1st quarter. Sovereign Financial Group Inc. now owns 8,927 shares of the software maker’s stock valued at $310,000 after acquiring an additional 507 shares during the period. Finally, Sei Investments Co. raised its stake in shares of RingCentral by 2.3% in the 1st quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock valued at $816,000 after acquiring an additional 539 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 10,184 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares of the company’s stock, valued at $4,522,479.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 10,184 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the sale, the chief financial officer now directly owns 137,545 shares of the company’s stock, valued at $4,522,479.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,824 shares of company stock worth $3,380,044. 6.76% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective 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. Robert W. Baird lifted their price objective on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft increased their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Rosenblatt Securities upgraded RingCentral from a “neutral” rating to a “buy” rating and raised their target price for the company from $35.00 to $45.00 in a report on Friday, August 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $42.00 price target on shares of RingCentral in a research note on Monday, August 5th. Eight investment 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $40.07.

RingCentral Stock Up 1.2 %

NYSE RNG opened at $28.33 on Friday. RingCentral, Inc. has a 52 week low of $25.08 and a 52 week high of $38.35. The firm has a 50 day moving average of $32.08 and a two-hundred day moving average of $32.43. The stock has a market capitalization of $2.60 billion, a PE ratio of -19.01, a price-to-earnings-growth ratio of 2.19 and a beta of 1.03.

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

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.