RingCentral, Inc. (NYSE:RNG) Shares Acquired by Heritage Investors Management Corp

Heritage Investors Management Corp increased its stake in shares of RingCentral, Inc. (NYSE:RNG) by 0.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,837 shares of the software maker’s stock after purchasing an additional 375 shares during the quarter. Heritage Investors Management Corp owned 0.18% of RingCentral worth $5,596,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of RNG. Venturi Wealth Management LLC boosted its stake 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 during the period. Quarry LP lifted its stake in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the last quarter. KBC Group NV lifted its stake in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the last quarter. Central Pacific Bank Trust Division grew its holdings in RingCentral by 31.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock worth $176,000 after acquiring an additional 1,194 shares in the last quarter. Finally, Point72 DIFC Ltd increased its position in shares of RingCentral by 301.1% in the 3rd quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock valued at $175,000 after purchasing an additional 4,155 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RNG shares. Wedbush boosted their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Mizuho dropped their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Morgan Stanley boosted their target price on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Finally, Piper Sandler dropped their price target on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, RingCentral currently has a consensus rating of “Hold” and an average target price of $37.69.

RingCentral Stock Performance

Shares of RNG opened at $28.67 on Thursday. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19. The stock has a market capitalization of $2.59 billion, a P/E ratio of -44.80, a P/E/G ratio of 1.27 and a beta of 1.01. The company’s fifty day moving average is $34.21 and its two-hundred day moving average is $34.17.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Sell-side analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Buying and Selling

In other RingCentral news, Director Robert I. Theis sold 1,457 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the transaction, the director now owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the sale, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. The trade was a 10.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 260,831 shares of company stock worth $7,642,238. 6.97% of the stock is owned by 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.