Hsbc Holdings PLC Has $860,000 Stock Position in RingCentral, Inc. (NYSE:RNG)

Hsbc Holdings PLC increased its stake in RingCentral, Inc. (NYSE:RNG) by 29.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 30,520 shares of the software maker’s stock after purchasing an additional 6,875 shares during the quarter. Hsbc Holdings PLC’s holdings in RingCentral were worth $860,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in RNG. Versant Capital Management Inc grew its holdings in RingCentral by 138.3% during 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 period. Newbridge Financial Services Group Inc. lifted its position in shares of RingCentral by 438.1% in the fourth 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 during the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of RingCentral by 44.1% during 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 period. PNC Financial Services Group Inc. increased its holdings in shares of RingCentral by 13.6% during 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, Commonwealth Equity Services LLC raised its stake in RingCentral by 19.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker’s stock valued at $236,000 after acquiring an additional 1,366 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Activity

In related 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 transaction 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 filing with the SEC, which is available through this link. In related news, CFO Vaibhav Agarwal sold 10,184 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total transaction of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares in the company, valued at approximately $4,522,479.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the sale, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,839 shares of company stock worth $3,324,067. Insiders own 6.76% of the company’s stock.

RingCentral Stock Up 1.5 %

RNG opened at $31.54 on Monday. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $38.35. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -21.17, a P/E/G ratio of 2.38 and a beta of 1.03. The company has a 50-day simple moving average of $32.11 and a 200 day simple moving average of $32.14.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Piper Sandler reduced their price objective on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Northland Securities upped their price target on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft upped their target price on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Finally, StockNews.com cut RingCentral from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $40.07.

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.