Natixis Invests $837,000 in RingCentral, Inc. (NYSE:RNG)

Natixis acquired a new position in RingCentral, Inc. (NYSE:RNG) during the first quarter, HoldingsChannel.com reports. The fund acquired 24,100 shares of the software maker’s stock, valued at approximately $837,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of RNG. Janney Montgomery Scott LLC purchased a new stake in RingCentral during the 4th quarter worth approximately $938,000. Panagora Asset Management Inc. grew its position in RingCentral by 24.0% during the 4th quarter. Panagora Asset Management Inc. now owns 119,844 shares of the software maker’s stock worth $4,069,000 after purchasing an additional 23,184 shares during the last quarter. Monaco Asset Management SAM purchased a new stake in RingCentral during the 4th quarter worth approximately $1,358,000. Readystate Asset Management LP grew its position in RingCentral by 68.9% during the 4th quarter. Readystate Asset Management LP now owns 228,810 shares of the software maker’s stock worth $7,768,000 after purchasing an additional 93,361 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in RingCentral by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after purchasing an additional 382,343 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insiders Place Their Bets

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at $13,553,827.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00. Following the completion of the sale, the chief financial officer now owns 156,799 shares of the company’s stock, valued at $4,421,731.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the sale, the chief financial officer now directly owns 388,919 shares of the company’s stock, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,869 shares of company stock worth $762,165. Company insiders own 6.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $35.00 target price on shares of RingCentral in a research report on Wednesday, May 1st. Piper Sandler decreased their price objective on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Wedbush restated a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a research note on Thursday, May 9th. Robert W. Baird lifted their price objective on shares of RingCentral from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Finally, Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research note on Monday, May 20th. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, RingCentral currently has a consensus rating of “Moderate Buy” and an average target price of $38.94.

RingCentral Trading Up 2.7 %

NYSE:RNG traded up $0.92 during trading hours on Friday, reaching $35.21. 127,528 shares of the company were exchanged, compared to its average volume of 1,166,056. The stock’s 50-day moving average is $31.44 and its 200-day moving average is $32.59. The firm has a market cap of $3.25 billion, a PE ratio of -23.01, a price-to-earnings-growth ratio of 2.73 and a beta of 1.03. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $41.76.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The company had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. As a group, research analysts anticipate that RingCentral, Inc. will post 0.54 EPS for the current year.

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.