Newbridge Financial Services Group Inc. Has $41,000 Position in RingCentral, Inc. (NYSE:RNG)

Newbridge Financial Services Group Inc. lifted its position in shares of RingCentral, Inc. (NYSE:RNG) by 438.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,200 shares of the software maker’s stock after buying an additional 977 shares during the period. Newbridge Financial Services Group Inc.’s holdings in RingCentral were worth $41,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC bought a new stake in RingCentral during the fourth quarter worth about $26,000. Hexagon Capital Partners LLC raised its holdings in RingCentral by 116.8% during the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after acquiring an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new stake in RingCentral during the fourth quarter worth about $33,000. Nisa Investment Advisors LLC raised its holdings in RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in RingCentral during the third quarter worth about $53,000. Institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $42.00 target price on shares of RingCentral in a report on Monday, May 20th. KeyCorp dropped their price objective on RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 21st. Robert W. Baird upped their price objective on RingCentral from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Wedbush restated a “neutral” rating and issued a $40.00 price objective on shares of RingCentral in a research note on Thursday, May 9th. Finally, The Goldman Sachs Group dropped their price objective on RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $39.28.

Insider Buying and Selling

In related news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the sale, the chief financial officer now owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the sale, the chief financial officer now owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 11,406 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total value of $410,730.06. Following the sale, the chief financial officer now directly owns 158,784 shares in the company, valued at approximately $5,717,811.84. The disclosure for this sale can be found here. Insiders have sold 21,868 shares of company stock valued at $774,736 over the last 90 days. 6.76% of the stock is owned by corporate insiders.

RingCentral Stock Down 3.9 %

RingCentral stock opened at $27.16 on Wednesday. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $43.28. The stock’s 50 day moving average is $32.69 and its 200-day moving average is $33.23.

RingCentral (NYSE:RNG) last posted its earnings results on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, beating the consensus estimate of $0.01 by $0.05. The firm had revenue of $584.21 million during the quarter, compared to analyst estimates of $577.81 million. Research analysts predict that RingCentral, Inc. will post 0.54 earnings per share for the current fiscal year.

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.