Daiwa Securities Group Inc. Purchases New Position in RingCentral, Inc. (NYSE:RNG)

Daiwa Securities Group Inc. acquired a new stake in RingCentral, Inc. (NYSE:RNG) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 5,700 shares of the software maker’s stock, valued at approximately $180,000.

Other institutional investors also recently modified their holdings of the company. Sovereign Financial Group Inc. grew its holdings in shares of RingCentral by 6.9% during the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock worth $307,000 after purchasing an additional 625 shares during the last quarter. Versant Capital Management Inc boosted its holdings in RingCentral by 138.3% in the second 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. Xponance Inc. increased its position in RingCentral by 6.8% during the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after purchasing an additional 704 shares during the period. KBC Group NV lifted its position in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the period. Finally, Private Advisor Group LLC boosted its stake in shares of RingCentral by 13.6% in the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after purchasing an additional 971 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Stock Performance

NYSE:RNG opened at $37.63 on Monday. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $40.98. The firm has a market cap of $3.40 billion, a PE ratio of -35.50, a price-to-earnings-growth ratio of 2.39 and a beta of 0.99. The business has a 50 day moving average price of $34.28 and a 200-day moving average price of $32.73.

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

Insider Buying and Selling at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the transaction, the chief financial officer now owns 135,560 shares in the company, valued at $4,256,584. The trade was a 1.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. This represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,082 shares of company stock valued at $3,632,417. 6.76% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Wedbush upped their target price on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Rosenblatt Securities reissued a “buy” rating and set a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Finally, Piper Sandler boosted their target price on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral presently has an average rating of “Moderate Buy” and an average price target of $40.73.

RingCentral Company 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.