Intellectus Partners LLC Grows Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Intellectus Partners LLC increased its position in shares of RingCentral, Inc. (NYSE:RNG) by 4.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,550 shares of the software maker’s stock after acquiring an additional 350 shares during the period. Intellectus Partners LLC’s holdings in RingCentral were worth $290,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Simplicity Solutions LLC increased its holdings in RingCentral by 4.5% during the 4th quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock worth $365,000 after purchasing an additional 467 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of RingCentral by 100.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after purchasing an additional 500 shares during the last quarter. Mariner LLC grew its stake in shares of RingCentral by 3.0% during the third quarter. Mariner LLC now owns 19,462 shares of the software maker’s stock worth $577,000 after purchasing an additional 576 shares in the last quarter. Sovereign Financial Group Inc. grew its stake in shares of RingCentral by 10.0% during the third quarter. Sovereign Financial Group Inc. now owns 7,794 shares of the software maker’s stock worth $231,000 after purchasing an additional 708 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in RingCentral by 7.6% in the third quarter. Principal Financial Group Inc. now owns 10,450 shares of the software maker’s stock valued at $310,000 after buying an additional 737 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the sale, the chief financial officer now owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the sale, the chief financial officer now owns 114,656 shares of the company’s stock, valued at $3,961,364.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock valued at $800,974 over the last ninety days. Corporate insiders own 6.76% of the company’s stock.

RingCentral Trading Up 1.6 %

Shares of RNG stock opened at $31.14 on Tuesday. The business’s 50 day moving average is $32.93 and its two-hundred day moving average is $31.86. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $43.28.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. On average, research analysts predict that RingCentral, Inc. will post 0.45 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on RNG shares. Wells Fargo & Company lowered their price objective on RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 21st. Wedbush reiterated a “neutral” rating and issued a $40.00 price target on shares of RingCentral in a research note on Friday, February 16th. Needham & Company LLC cut their price objective on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. KeyCorp lowered their target price on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, February 21st. Finally, Mizuho cut their price target on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $38.56.

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.