XTX Topco Ltd Purchases Shares of 45,647 RingCentral, Inc. (NYSE:RNG)

XTX Topco Ltd acquired a new stake in shares of RingCentral, Inc. (NYSE:RNG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 45,647 shares of the software maker’s stock, valued at approximately $1,287,000.

Several other hedge funds and other institutional investors have also made changes to their positions in RNG. Versant Capital Management Inc increased its holdings in shares of RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares during the last quarter. Newbridge Financial Services Group Inc. grew its holdings in RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after buying an additional 977 shares in the last quarter. Hexagon Capital Partners LLC increased its stake in RingCentral by 44.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after acquiring an additional 410 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in RingCentral by 13.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock worth $154,000 after acquiring an additional 540 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of RingCentral by 18.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,726 shares of the software maker’s stock worth $178,000 after acquiring an additional 874 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Trading Down 0.3 %

NYSE RNG opened at $30.28 on Friday. The stock has a market cap of $2.78 billion, a PE ratio of -20.32, a PEG ratio of 2.36 and a beta of 1.03. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $38.35. The company’s 50-day moving average price is $32.26 and its 200-day moving average price is $32.31.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. During the same quarter in the prior year, the company earned ($0.03) earnings per share. RingCentral’s revenue was up 9.9% on a year-over-year basis. As a group, sell-side analysts forecast that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on RNG shares. Piper Sandler reduced their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Robert W. Baird upped their target price on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Rosenblatt Securities upgraded RingCentral from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. StockNews.com cut RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th. Finally, Wells Fargo & Company raised their price objective on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.07.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the sale, the chief financial officer now directly owns 137,545 shares in the company, valued at approximately $4,522,479.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total transaction of $334,849.92. Following the transaction, the chief financial officer now owns 137,545 shares of the company’s stock, valued at approximately $4,522,479.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the sale, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock worth $3,380,044 in the last ninety days. 6.76% of the stock is owned by company insiders.

RingCentral 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.