RingCentral, Inc. (NYSE:RNG) Shares Purchased by Venturi Wealth Management LLC

Venturi Wealth Management LLC increased its holdings in RingCentral, Inc. (NYSE:RNG) by 150.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,863 shares of the software maker’s stock after buying an additional 1,119 shares during the quarter. Venturi Wealth Management LLC’s holdings in RingCentral were worth $59,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of RNG. Sei Investments Co. increased its stake in shares of RingCentral by 2.3% in the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after acquiring an additional 539 shares during the period. Sovereign Financial Group Inc. grew its position in RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock worth $307,000 after purchasing an additional 625 shares during the period. Versant Capital Management Inc lifted its holdings in shares of RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after buying an additional 664 shares during the period. Xponance Inc. boosted its stake in shares of RingCentral by 6.8% in the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock worth $314,000 after buying an additional 704 shares during the last quarter. Finally, Private Advisor Group LLC grew its holdings in RingCentral by 13.6% during the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock worth $257,000 after acquiring an additional 971 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 10,184 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 owns 137,545 shares of the company’s stock, valued at $4,522,479.60. This represents a 6.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 573,725 shares in the company, valued at approximately $18,651,799.75. The trade was a 9.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock worth $3,386,396 over the last ninety days. Corporate insiders own 6.76% of the company’s stock.

RingCentral Stock Performance

Shares of RNG stock opened at $35.79 on Friday. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $40.98. The stock’s fifty day moving average is $32.75 and its two-hundred day moving average is $32.45. The firm has a market capitalization of $3.29 billion, a P/E ratio of -33.76, a PEG ratio of 2.41 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. On average, equities analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RNG. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Robert W. Baird increased their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Wells Fargo & Company lifted their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Rosenblatt Securities reissued a “buy” rating and set a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Finally, Piper Sandler lifted their price target on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.73.

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.