Jupiter Asset Management Ltd. Boosts Stake in RingCentral, Inc. (NYSE:RNG)

Jupiter Asset Management Ltd. lifted its holdings in RingCentral, Inc. (NYSE:RNG) by 4.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,058,753 shares of the software maker’s stock after buying an additional 47,827 shares during the period. Jupiter Asset Management Ltd.’s holdings in RingCentral were worth $37,067,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Venturi Wealth Management LLC lifted its stake in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after buying an additional 1,119 shares in the last quarter. Quarry LP increased its position in RingCentral by 106.7% during the third 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 last quarter. KBC Group NV increased its position in RingCentral by 38.9% during the third 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 last quarter. Point72 DIFC Ltd increased its position in RingCentral by 301.1% during the third quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock worth $175,000 after purchasing an additional 4,155 shares during the last quarter. Finally, Central Pacific Bank Trust Division increased its position in RingCentral by 31.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock worth $176,000 after purchasing an additional 1,194 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 22,979 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the sale, the senior vice president now owns 348,599 shares in the company, valued at approximately $10,046,623.18. The trade was a 6.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the sale, the director now owns 10,633 shares of the company’s stock, valued at $442,332.80. This represents a 21.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 250,654 shares of company stock worth $7,220,502. 6.97% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on RNG shares. Wells Fargo & Company reiterated an “underweight” rating and set a $30.00 price target (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Needham & Company LLC dropped their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, February 21st. UBS Group dropped their price target on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Piper Sandler dropped their price objective on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Finally, Raymond James dropped their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $37.69.

RingCentral Stock Down 0.8 %

Shares of RingCentral stock opened at $26.76 on Wednesday. RingCentral, Inc. has a 52-week low of $26.64 and a 52-week high of $42.19. The company has a 50 day moving average of $32.62 and a 200 day moving average of $33.83. The company has a market capitalization of $2.43 billion, a P/E ratio of -41.82, a P/E/G ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The firm had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. As a group, research analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal 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.