Gagnon Securities LLC Boosts Holdings in RingCentral, Inc. (NYSE:RNG)

Gagnon Securities LLC grew its position in RingCentral, Inc. (NYSE:RNG) by 5.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,703 shares of the software maker’s stock after buying an additional 407 shares during the period. Gagnon Securities LLC’s holdings in RingCentral were worth $270,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Sovereign Financial Group Inc. grew its stake in shares of 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. KBC Group NV boosted its position in shares of 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 during the period. Private Advisor Group LLC boosted its position in shares of 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. Quarry LP boosted its position in shares of RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares during the period. Finally, Venturi Wealth Management LLC boosted its position in shares of RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

Shares of RingCentral stock opened at $34.81 on Friday. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19. The company’s fifty day moving average is $36.55 and its two-hundred day moving average is $34.25.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million for 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%. On average, sell-side analysts anticipate that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on RNG shares. Wedbush increased their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Morgan Stanley increased their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Barclays cut shares of RingCentral from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $45.00 to $37.00 in a research report on Monday, January 27th. Finally, Mizuho reissued a “neutral” rating and issued a $42.00 price target on shares of RingCentral in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, RingCentral presently has an average rating of “Hold” and a consensus target price of $41.00.

Insider Activity

In other news, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the transaction, the director now owns 28,690 shares of the company’s stock, valued at $1,084,195.10. The trade was a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were 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 of the company’s stock, valued at approximately $4,781,201.20. This represents a 1.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock valued at $4,113,047 over the last quarter. Corporate insiders own 6.97% of the company’s stock.

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.