Zurcher Kantonalbank Zurich Cantonalbank Grows Position in RingCentral, Inc. (NYSE:RNG)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in RingCentral, Inc. (NYSE:RNG) by 29.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,418 shares of the software maker’s stock after buying an additional 6,736 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in RingCentral were worth $1,030,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Quarry LP grew its stake in shares of RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after acquiring an additional 982 shares during the period. KBC Group NV boosted its position in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the period. Venturi Wealth Management LLC increased its stake in shares of RingCentral by 55.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after purchasing an additional 1,028 shares in the last quarter. Point72 DIFC Ltd raised its position in shares of RingCentral by 301.1% during the 3rd quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock valued at $175,000 after purchasing an additional 4,155 shares during the period. Finally, Central Pacific Bank Trust Division lifted its stake in shares of RingCentral by 31.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock valued at $176,000 after buying an additional 1,194 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 over the last three months. 6.97% of the stock is owned by company insiders.

Analysts Set New Price Targets

RNG has been the topic of a number of recent analyst reports. UBS Group decreased their price target on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Needham & Company LLC decreased their target price on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Rosenblatt Securities cut their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. Finally, Morgan Stanley boosted their target price on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, RingCentral currently has a consensus rating of “Hold” and an average target price of $37.69.

RingCentral Trading Up 0.7 %

Shares of NYSE RNG opened at $27.19 on Thursday. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of -42.49, a P/E/G ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a 12-month low of $26.22 and a 12-month high of $42.19. The firm’s 50-day moving average price is $31.66 and its 200-day moving average price is $33.55.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). The company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, equities analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

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.