Algert Global LLC Boosts Stake in RingCentral, Inc. (NYSE:RNG)

Algert Global LLC grew its stake in RingCentral, Inc. (NYSE:RNG) by 80.8% during the third quarter, HoldingsChannel reports. The fund owned 317,734 shares of the software maker’s stock after acquiring an additional 141,999 shares during the quarter. Algert Global LLC’s holdings in RingCentral were worth $10,050,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc boosted its position in RingCentral by 138.3% during 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 in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of RingCentral during the second quarter valued at about $39,000. Venturi Wealth Management LLC boosted its holdings in shares of 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 grew its position in shares of RingCentral by 38.9% in 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 last quarter. Finally, Central Pacific Bank Trust Division bought a new position in shares of RingCentral during the 3rd quarter worth approximately $121,000. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RNG. Rosenblatt Securities restated a “buy” rating and issued a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Wedbush raised their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Raymond James reduced their target price on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research report on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.73.

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 23,284 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the sale, the senior vice president now owns 357,818 shares of the company’s stock, valued at $12,509,317.28. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 104,082 shares of company stock worth $3,632,417 over the last quarter. 6.76% of the stock is currently owned by insiders.

RingCentral Stock Performance

Shares of NYSE RNG opened at $36.91 on Friday. The company has a 50 day simple moving average of $33.32 and a two-hundred day simple moving average of $32.59. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $40.98.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. Equities research analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current year.

RingCentral Company 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.