RingCentral, Inc. (NYSE:RNG) Stake Boosted by Primecap Management Co. CA

Primecap Management Co. CA lifted its stake in RingCentral, Inc. (NYSE:RNG) by 166.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,000 shares of the software maker’s stock after acquiring an additional 33,750 shares during the quarter. Primecap Management Co. CA owned approximately 0.06% of RingCentral worth $1,523,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc increased its position in RingCentral by 138.3% in the 2nd 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 stake in shares of RingCentral by 438.1% in 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 holdings in RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after buying an additional 410 shares during the last quarter. PNC Financial Services Group Inc. raised its position in RingCentral by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after acquiring an additional 540 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in RingCentral by 18.0% in the fourth 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. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Stock Performance

NYSE:RNG opened at $30.06 on Thursday. The firm’s 50-day moving average is $32.20 and its 200-day moving average is $32.37. The company has a market cap of $2.77 billion, a price-to-earnings ratio of -20.17, a PEG ratio of 2.21 and a beta of 1.03. RingCentral, Inc. has a 52-week low of $25.08 and a 52-week high of $38.35.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. During the same period last year, the company earned ($0.03) EPS. The company’s revenue was up 9.9% on a year-over-year basis. Equities analysts predict that RingCentral, Inc. will post 0.63 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RNG. 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 note on Wednesday, July 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research report on Monday, August 5th. Rosenblatt Securities raised RingCentral from a “neutral” rating to a “buy” rating and increased their price objective for the company from $35.00 to $45.00 in a report on Friday, August 2nd. Wells Fargo & Company upped their target price on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, StockNews.com lowered shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 6th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.07.

Insider Buying and Selling

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $28.20, for a total value of $55,977.00. Following the sale, the chief financial officer now owns 156,799 shares of the company’s stock, valued at approximately $4,421,731.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00. Following the sale, the chief financial officer now directly owns 156,799 shares in the company, valued at approximately $4,421,731.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were 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 in the company, valued at approximately $18,651,799.75. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock valued at $3,380,044 over the last ninety days. 6.76% of the stock is owned by company insiders.

About RingCentral

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.