Harel Insurance Investments & Financial Services Ltd. Increases Position in RingCentral, Inc. (NYSE:RNG)

Harel Insurance Investments & Financial Services Ltd. raised its position in shares of RingCentral, Inc. (NYSE:RNG) by 106.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 185,205 shares of the software maker’s stock after buying an additional 95,684 shares during the period. Harel Insurance Investments & Financial Services Ltd. owned about 0.20% of RingCentral worth $6,484,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Sovereign Financial Group Inc. boosted its position in RingCentral by 4.0% in the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock valued at $353,000 after buying an additional 386 shares during the period. Xponance Inc. boosted its holdings in RingCentral by 6.8% in the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after purchasing an additional 704 shares during the period. KBC Group NV grew its stake 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 purchasing an additional 744 shares in the last quarter. Private Advisor Group LLC increased its holdings in RingCentral by 13.6% during the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock worth $257,000 after purchasing an additional 971 shares during the period. Finally, Quarry LP raised its position in RingCentral by 106.7% in the 3rd 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. 98.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on RNG. Morgan Stanley upped their target price on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Piper Sandler raised their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company reiterated an “underweight” rating and set a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Mizuho reaffirmed a “neutral” rating and set a $42.00 price target on shares of RingCentral in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $41.29.

Insider Activity

In other news, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the sale, the chief executive officer now owns 479,468 shares of the company’s stock, valued at $16,762,201.28. The trade was a 12.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 8,720 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the transaction, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at $14,081,241.45. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,188 shares of company stock valued at $4,113,047. Company insiders own 6.97% of the company’s stock.

RingCentral Trading Up 0.8 %

RNG stock opened at $34.67 on Friday. The company has a fifty day moving average price of $36.56 and a 200 day moving average price of $34.04. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $42.19.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million during 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%. Analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current fiscal 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.