The Manufacturers Life Insurance Company Raises Stock Holdings in RingCentral, Inc. (NYSE:RNG)

The Manufacturers Life Insurance Company grew its stake in shares of RingCentral, Inc. (NYSE:RNG) by 9.0% during the third quarter, HoldingsChannel.com reports. The fund owned 15,765 shares of the software maker’s stock after buying an additional 1,296 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in RingCentral were worth $499,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Pacer Advisors Inc. boosted its holdings in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of RingCentral by 3.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock valued at $45,309,000 after buying an additional 54,500 shares during the period. AQR Capital Management LLC boosted its stake in shares of RingCentral by 2.4% in the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock worth $24,706,000 after buying an additional 20,666 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of RingCentral by 7.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker’s stock worth $26,003,000 after acquiring an additional 59,570 shares during the period. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of RingCentral by 130.1% in the second 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 during the period. 98.61% of the stock is currently owned by institutional investors.

Insider Activity at RingCentral

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction 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 represents a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the firm’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 of the company’s stock, valued at approximately $4,256,584. The trade was a 1.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,173 shares of company stock valued at $4,175,376. 6.76% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Wedbush increased their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and set a $42.00 target price on shares of RingCentral in a research report on Monday, November 11th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Raymond James dropped their price target on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $41.43.

RingCentral Price Performance

Shares of RNG stock opened at $39.05 on Friday. RingCentral, Inc. has a one year low of $26.98 and a one year high of $42.19. The company’s fifty day moving average price is $36.07 and its 200-day moving average price is $33.02. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -36.84, a PEG ratio of 2.65 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its quarterly 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 return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. Equities research analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

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.