Grant Private Wealth Management Inc Purchases Shares of 16,360 RingCentral, Inc. (NYSE:RNG)

Grant Private Wealth Management Inc acquired a new position in shares of RingCentral, Inc. (NYSE:RNG) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 16,360 shares of the software maker’s stock, valued at approximately $576,000.

Other institutional investors also recently modified their holdings of the company. Bryce Point Capital LLC bought a new stake in RingCentral during the 4th quarter worth approximately $452,000. Trexquant Investment LP grew its holdings in shares of RingCentral by 72.1% during the fourth quarter. Trexquant Investment LP now owns 238,674 shares of the software maker’s stock worth $8,356,000 after purchasing an additional 99,989 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of RingCentral by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker’s stock valued at $47,267,000 after buying an additional 58,814 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of RingCentral by 128.2% in the fourth quarter. Alliancebernstein L.P. now owns 45,376 shares of the software maker’s stock valued at $1,589,000 after buying an additional 25,495 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in RingCentral during the 4th quarter worth about $244,000. Institutional investors own 98.61% of the company’s stock.

Analyst Ratings Changes

RNG has been the subject of several research reports. Barclays lowered their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Piper Sandler dropped their price objective on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. UBS Group decreased their price objective on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday, February 21st. Rosenblatt Securities dropped their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Finally, Robert W. Baird reduced their target price on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, RingCentral currently has an average rating of “Hold” and a consensus target price of $37.69.

RingCentral Stock Performance

Shares of NYSE RNG opened at $25.87 on Thursday. RingCentral, Inc. has a 52-week low of $23.89 and a 52-week high of $42.19. The stock has a market cap of $2.35 billion, a P/E ratio of -40.42, a P/E/G ratio of 1.27 and a beta of 1.20. The firm has a 50 day moving average price of $30.30 and a 200 day moving average price of $33.36.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the transaction, the chief executive officer now owns 444,740 shares in the company, valued at $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the sale, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at $8,953,845.60. This represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock worth $7,099,279 over the last ninety days. 6.97% of the stock is currently owned by corporate insiders.

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.