Foundry Partners LLC Invests $8.89 Million in RingCentral, Inc. (NYSE:RNG)

Foundry Partners LLC purchased a new stake in RingCentral, Inc. (NYSE:RNG) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 280,920 shares of the software maker’s stock, valued at approximately $8,886,000.

Other hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc grew its position in shares of RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares during the last quarter. Point72 DIFC Ltd bought a new stake in RingCentral in the 2nd quarter valued at $39,000. Venturi Wealth Management LLC grew its holdings in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares in the last quarter. KBC Group NV increased its position in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after buying an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of RingCentral during the third quarter worth $121,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Stock Performance

Shares of RingCentral stock opened at $35.02 on Thursday. The company’s 50 day moving average price is $33.19 and its two-hundred day moving average price is $32.57. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $40.98.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. On average, research analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RNG. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. Robert W. Baird raised their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Deutsche Bank Aktiengesellschaft boosted their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Wells Fargo & Company increased their price target on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Piper Sandler lifted their price objective on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, RingCentral has a consensus rating of “Moderate Buy” and an average target price of $40.73.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 2,178 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,781,201.20. This trade represents a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the sale, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at $11,995,905.90. This represents a 2.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,076 shares of company stock valued at $470,737. 6.76% 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.