RingCentral, Inc. (NYSE:RNG) Shares Purchased by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division increased its stake in RingCentral, Inc. (NYSE:RNG) by 31.1% in the fourth quarter, Holdings Channel reports. The firm owned 5,033 shares of the software maker’s stock after purchasing an additional 1,194 shares during the period. Central Pacific Bank Trust Division’s holdings in RingCentral were worth $176,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of RNG. Principal Financial Group Inc. acquired a new stake in shares of RingCentral during the third quarter worth $233,000. 272 Capital LP purchased a new position in RingCentral in the 3rd quarter worth $436,000. Sanctuary Advisors LLC acquired a new stake in RingCentral during the 3rd quarter worth about $178,000. Neo Ivy Capital Management purchased a new stake in RingCentral during the 3rd quarter valued at about $708,000. Finally, MidWestOne Financial Group Inc. purchased a new position in shares of RingCentral in the third quarter worth about $210,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Stock Performance

NYSE:RNG opened at $35.40 on Friday. The stock has a market capitalization of $3.20 billion, a PE ratio of -33.40, a P/E/G ratio of 2.48 and a beta of 0.99. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The company has a fifty day moving average of $37.33 and a two-hundred day moving average of $33.47.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. Research analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Analysts Set New Price Targets

RNG has been the topic of a number of recent research reports. Morgan Stanley upped their target price on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Robert W. Baird increased their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note 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. Wedbush boosted their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Raymond James reiterated an “outperform” rating and set a $45.00 price target (down from $50.00) on shares of RingCentral in a research report on Friday. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $41.64.

Insider Activity

In related news, SVP John H. Marlow sold 8,720 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the completion of the transaction, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at approximately $14,081,241.45. This represents a 2.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total transaction of $55,060.03. Following the sale, the director now directly owns 28,690 shares in the company, valued at approximately $1,084,195.10. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock worth $4,113,047 over the last quarter. 6.97% of the stock is currently owned by corporate insiders.

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.