7,380 Shares in RingCentral, Inc. (NYSE:RNG) Bought by Principal Financial Group Inc.

Principal Financial Group Inc. acquired a new stake in shares of RingCentral, Inc. (NYSE:RNG) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 7,380 shares of the software maker’s stock, valued at approximately $233,000.

A number of other hedge funds have also recently made changes to their positions in RNG. Point72 DIFC Ltd purchased a new position in RingCentral during the second quarter valued at $39,000. Venturi Wealth Management LLC boosted its holdings in shares of RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP grew its position in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares in the last quarter. KBC Group NV increased its holdings in shares of RingCentral by 38.9% in the third 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 last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of RingCentral in the third quarter worth about $121,000. Institutional investors own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Rosenblatt Securities restated a “buy” rating and set a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and issued a $42.00 target price on shares of RingCentral in a report on Monday, November 11th. Raymond James reaffirmed an “outperform” rating and set a $45.00 price target (down previously from $50.00) on shares of RingCentral in a research note on Friday. Mizuho reissued a “neutral” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Friday, December 13th. Finally, Robert W. Baird upped their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Eight investment 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.64.

RingCentral Stock Up 3.8 %

RNG opened at $36.73 on Tuesday. The business has a fifty day moving average of $37.38 and a 200 day moving average of $33.57. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19. The stock has a market cap of $3.32 billion, a P/E ratio of -34.65, a PEG ratio of 2.48 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, topping analysts’ consensus estimates of $0.14 by $0.10. The firm had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. Equities analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Insider Transactions at RingCentral

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the transaction, the director now owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their position. The transaction 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 business’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 completion of 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,188 shares of company stock valued at $4,113,047. 6.97% of the stock is currently owned by company 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.