Hennessy Advisors Inc. Takes $59.06 Million Position in RingCentral, Inc. (NYSE:RNG)

Hennessy Advisors Inc. bought a new position in RingCentral, Inc. (NYSE:RNG) during the fourth quarter, Holdings Channel reports. The firm bought 1,686,800 shares of the software maker’s stock, valued at approximately $59,055,000. RingCentral comprises about 1.8% of Hennessy Advisors Inc.’s portfolio, making the stock its 11th biggest position.

Several other large investors have also added to or reduced their stakes in the business. Sovereign Financial Group Inc. increased its holdings in RingCentral by 4.0% during the 4th 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. Xponance Inc. boosted its position in shares of RingCentral by 6.8% during the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after buying an additional 704 shares during the last quarter. KBC Group NV grew its holdings 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 buying an additional 744 shares in the last quarter. Private Advisor Group LLC raised its position in RingCentral by 13.6% in the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after buying an additional 971 shares during the last quarter. Finally, Quarry LP raised its position in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Stock Performance

NYSE:RNG opened at $33.49 on Friday. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19. The stock’s fifty day moving average price is $36.88 and its two-hundred day moving average price is $33.80.

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. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. On average, analysts expect that RingCentral, Inc. will post 0.84 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on RNG. Mizuho reiterated a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a report on Friday, December 13th. Morgan Stanley upped their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Needham & Company LLC reissued a “buy” rating and set a $42.00 target price on shares of RingCentral in a research report on Monday, November 11th. Raymond James reaffirmed an “outperform” rating and issued a $45.00 target price (down from $50.00) on shares of RingCentral in a report on Friday, January 3rd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 price target on shares of RingCentral in a research report 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $41.29.

Insider Buying and Selling

In other news, Director Robert I. Theis sold 1,457 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the transaction, the director now directly owns 28,690 shares in the company, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 66,451 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 479,468 shares of the company’s stock, valued at $16,762,201.28. The trade was 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 worth $4,113,047. Corporate insiders own 6.97% of the company’s stock.

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.