RingCentral, Inc. (NYSE:RNG) Shares Acquired by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. boosted its stake in shares of RingCentral, Inc. (NYSE:RNGGet Rating) by 53.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,381,592 shares of the software maker’s stock after buying an additional 825,356 shares during the quarter. Goldman Sachs Group Inc. owned 2.58% of RingCentral worth $446,191,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Spire Wealth Management grew its position in RingCentral by 843.8% during the fourth quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock worth $28,000 after buying an additional 135 shares during the period. Jackson Wealth Management LLC grew its position in shares of RingCentral by 117.9% in the third quarter. Jackson Wealth Management LLC now owns 21,427 shares of the software maker’s stock valued at $30,000 after purchasing an additional 11,593 shares during the last quarter. FourThought Financial LLC grew its position in shares of RingCentral by 60.6% in the third quarter. FourThought Financial LLC now owns 159 shares of the software maker’s stock valued at $34,000 after purchasing an additional 60 shares during the last quarter. Neo Ivy Capital Management grew its position in shares of RingCentral by 185.1% in the fourth quarter. Neo Ivy Capital Management now owns 191 shares of the software maker’s stock valued at $36,000 after purchasing an additional 124 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its position in shares of RingCentral by 440.9% in the third quarter. First Horizon Advisors Inc. now owns 714 shares of the software maker’s stock valued at $38,000 after purchasing an additional 582 shares during the last quarter. Institutional investors own 85.96% of the company’s stock.

In other news, COO Mohammed Katibeh sold 1,846 shares of RingCentral stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $67.60, for a total value of $124,789.60. Following the completion of the transaction, the chief operating officer now directly owns 110,098 shares of the company’s stock, valued at approximately $7,442,624.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 10,443 shares of RingCentral stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $67.59, for a total transaction of $705,842.37. Following the completion of the transaction, the chief financial officer now directly owns 85,357 shares of the company’s stock, valued at $5,769,279.63. The disclosure for this sale can be found here. 7.35% of the stock is owned by company insiders.

RNG traded up $7.33 during trading hours on Friday, reaching $69.30. 2,671,065 shares of the stock traded hands, compared to its average volume of 1,614,714. The firm’s fifty day simple moving average is $102.80 and its two-hundred day simple moving average is $159.30. The company has a market cap of $6.39 billion, a price-to-earnings ratio of -12.18 and a beta of 0.93. RingCentral, Inc. has a fifty-two week low of $59.04 and a fifty-two week high of $315.00. The company has a debt-to-equity ratio of 33.52, a current ratio of 1.25 and a quick ratio of 1.24.

RingCentral (NYSE:RNGGet Rating) last released its quarterly earnings results on Monday, May 9th. The software maker reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.05. The business had revenue of $467.66 million during the quarter, compared to analyst estimates of $458.36 million. RingCentral had a negative net margin of 30.82% and a negative return on equity of 183.51%. The business’s revenue was up 32.7% on a year-over-year basis. During the same period last year, the business earned ($0.41) EPS. On average, research analysts predict that RingCentral, Inc. will post -1.99 earnings per share for the current year.

Several equities analysts recently issued reports on RNG shares. Wells Fargo & Company reduced their price objective on shares of RingCentral from $185.00 to $150.00 in a research note on Tuesday. Piper Sandler reduced their price objective on shares of RingCentral from $228.00 to $118.00 in a research note on Tuesday. Morgan Stanley reduced their price objective on shares of RingCentral from $220.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 22nd. Deutsche Bank Aktiengesellschaft cut their price target on shares of RingCentral from $210.00 to $110.00 in a research note on Tuesday. Finally, Needham & Company LLC cut their price target on shares of RingCentral from $225.00 to $110.00 in a research note on Tuesday. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $192.68.

About RingCentral (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

Further Reading

Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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