15,507 Shares in RingCentral, Inc. (NYSE:RNG) Acquired by Oak Thistle LLC

Oak Thistle LLC acquired a new stake in shares of RingCentral, Inc. (NYSE:RNG) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 15,507 shares of the software maker’s stock, valued at approximately $543,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new position in shares of RingCentral in the second quarter valued at about $39,000. Venturi Wealth Management LLC grew 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 purchasing an additional 1,119 shares during the last quarter. Quarry LP increased its holdings in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the period. KBC Group NV increased its holdings in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division bought a new position in RingCentral during the 3rd quarter valued at approximately $121,000. Institutional investors own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RNG shares. Needham & Company LLC reissued a “buy” rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Wedbush boosted their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Robert W. Baird lifted 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, Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $41.29.

RingCentral Trading Up 0.1 %

Shares of RNG opened at $33.49 on Friday. The firm has a fifty day simple moving average of $36.99 and a two-hundred day simple moving average of $33.81. The firm has a market cap of $3.03 billion, a PE ratio of -31.59, a P/E/G ratio of 1.36 and a beta of 0.99. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, research analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Insider Buying and Selling

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares of the company’s stock, valued at approximately $12,509,317.28. The trade was a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the transaction, the chief executive officer now directly owns 479,468 shares in the company, valued at $16,762,201.28. This trade represents a 12.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,188 shares of company stock valued at $4,113,047. 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.