Mackenzie Financial Corp Increases Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Mackenzie Financial Corp boosted its stake in RingCentral, Inc. (NYSE:RNG) by 15.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 76,727 shares of the software maker’s stock after buying an additional 10,109 shares during the quarter. Mackenzie Financial Corp owned approximately 0.08% of RingCentral worth $2,164,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Versant Capital Management Inc lifted its position in shares of RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares in the last quarter. Newbridge Financial Services Group Inc. lifted its position in shares of RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after buying an additional 977 shares in the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of 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 buying an additional 410 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of RingCentral in the second quarter valued at approximately $39,000. Finally, PNC Financial Services Group Inc. increased its position in shares of 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 during the last quarter. 98.61% of the stock is currently owned by institutional investors.

RingCentral Stock Performance

NYSE:RNG opened at $31.32 on Thursday. The business’s fifty day moving average is $32.06 and its 200 day moving average is $32.08. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of -21.02, a PEG ratio of 2.46 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 announced its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million for 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. The company’s quarterly 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 fiscal year.

Insider Buying and Selling

In related news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at $4,256,584. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the transaction, the chief financial officer now owns 358,622 shares of the company’s stock, valued at $11,995,905.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,824 shares of company stock valued at $3,386,396. Company insiders own 6.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RNG. Northland Securities raised their target price on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $35.00 to $45.00 in a report on Friday, August 2nd. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th. Robert W. Baird upped their price objective on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average 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.