Victory Capital Management Inc. Raises Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Victory Capital Management Inc. boosted its stake in shares of RingCentral, Inc. (NYSE:RNG) by 14.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 133,515 shares of the software maker’s stock after buying an additional 17,215 shares during the quarter. Victory Capital Management Inc.’s holdings in RingCentral were worth $4,223,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RNG. Vanguard Group Inc. boosted its position in shares of RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after purchasing an additional 538,325 shares during the period. Pacer Advisors Inc. raised its holdings in shares of RingCentral by 25.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock valued at $51,224,000 after buying an additional 365,738 shares during the period. Cubist Systematic Strategies LLC lifted its stake in RingCentral by 130.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after acquiring an additional 234,238 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in RingCentral by 163.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after acquiring an additional 192,766 shares during the period. Finally, Jupiter Asset Management Ltd. grew its position in RingCentral by 404.2% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock valued at $6,181,000 after acquiring an additional 175,715 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Stock Performance

Shares of NYSE:RNG opened at $36.91 on Friday. The stock has a 50-day simple moving average of $33.32 and a 200-day simple moving average of $32.59. The stock has a market capitalization of $3.34 billion, a P/E ratio of -34.82, a PEG ratio of 2.26 and a beta of 0.99. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $40.98.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The business had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. Analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Piper Sandler lifted their target price on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Robert W. Baird upped their price target on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.73.

Insider Activity at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now directly owns 479,468 shares in the company, valued at $16,762,201.28. This represents a 12.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the transaction, the senior vice president now owns 357,818 shares of the company’s stock, valued at $12,509,317.28. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 104,082 shares of company stock valued at $3,632,417. Corporate 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.