RingCentral, Inc. (NYSE:RNG) Shares Purchased by Vinva Investment Management Ltd

Vinva Investment Management Ltd grew its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 49.6% in the 3rd quarter, Holdings Channel reports. The fund owned 20,487 shares of the software maker’s stock after acquiring an additional 6,791 shares during the period. Vinva Investment Management Ltd’s holdings in RingCentral were worth $648,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Pacer Advisors Inc. raised its position in shares of RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares in the last quarter. Foundry Partners LLC acquired a new stake in RingCentral in the third quarter valued at $8,886,000. Cubist Systematic Strategies LLC raised its holdings in RingCentral by 130.1% in the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after acquiring an additional 234,238 shares in the last quarter. Jupiter Asset Management Ltd. boosted its stake in RingCentral by 404.2% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock valued at $6,181,000 after acquiring an additional 175,715 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in RingCentral during the 2nd quarter worth $4,801,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the transaction, the senior vice president now directly owns 357,818 shares in the company, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,256,584. This represents a 1.44 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 104,082 shares of company stock valued at $3,632,417. Company insiders own 6.76% of the company’s stock.

RingCentral Stock Down 1.1 %

RingCentral stock opened at $37.63 on Friday. The firm has a 50-day moving average price of $34.28 and a two-hundred day moving average price of $32.77. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of -35.50, a PEG ratio of 2.42 and a beta of 0.99. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $40.98.

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 analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Research analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Robert W. Baird increased their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 target price on shares of RingCentral in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft lifted their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Raymond James dropped their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research report on Friday, November 8th. Finally, Wedbush lifted their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.73.

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.