Beaumont Financial Advisors LLC Invests $262,000 in RingCentral, Inc. (NYSE:RNG)

Beaumont Financial Advisors LLC acquired a new position in RingCentral, Inc. (NYSE:RNG) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,481 shares of the software maker’s stock, valued at approximately $262,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Fort Washington Investment Advisors Inc. OH increased its stake in shares of RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after purchasing an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of RingCentral in the fourth quarter worth $59,055,000. Oak Thistle LLC purchased a new stake in shares of RingCentral in the fourth quarter worth $543,000. Sovereign Financial Group Inc. increased its stake in shares of RingCentral by 4.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after purchasing an additional 386 shares in the last quarter. Finally, Diversified Trust Co increased its stake in shares of RingCentral by 89.9% in the fourth quarter. Diversified Trust Co now owns 28,499 shares of the software maker’s stock worth $998,000 after purchasing an additional 13,491 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at RingCentral

In other news, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the completion of the sale, the director now owns 10,633 shares in the company, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John H. Marlow sold 23,284 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 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. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,188 shares of company stock worth $4,113,047. 6.97% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

RNG has been the subject of several research analyst reports. Morgan Stanley raised their target price on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Robert W. Baird raised their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, Piper Sandler raised their target price on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $41.29.

RingCentral Stock Up 0.9 %

Shares of NYSE:RNG opened at $34.39 on Friday. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $42.19. The stock has a market capitalization of $3.11 billion, a P/E ratio of -32.44, a PEG ratio of 1.41 and a beta of 0.99. The firm has a fifty day simple moving average of $36.58 and a two-hundred day simple moving average of $33.99.

RingCentral (NYSE:RNG) last released its earnings results 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 firm had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. On average, analysts expect 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.