KBC Group NV Has $84,000 Position in RingCentral, Inc. (NYSE:RNG)

KBC Group NV grew its holdings in RingCentral, Inc. (NYSE:RNG) by 38.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,659 shares of the software maker’s stock after buying an additional 744 shares during the quarter. KBC Group NV’s holdings in RingCentral were worth $84,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc grew its holdings in RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after acquiring an additional 664 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of RingCentral during the second quarter valued at approximately $39,000. Venturi Wealth Management LLC increased its holdings in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in RingCentral in the 3rd quarter worth approximately $121,000. Finally, CWM LLC lifted its holdings in RingCentral by 595.9% during the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after buying an additional 4,064 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

RingCentral Stock Up 5.9 %

Shares of RNG stock opened at $36.91 on Friday. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -34.82, a price-to-earnings-growth ratio of 2.26 and a beta of 0.99. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $40.98. The firm has a fifty day moving average of $33.32 and a 200-day moving average of $32.59.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Piper Sandler lifted their target price on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Wedbush upped their target price on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Robert W. Baird lifted their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Finally, Wells Fargo & Company increased 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. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.73.

Insider Buying and Selling

In other news, SVP John H. Marlow sold 23,284 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares of the company’s stock, valued at $12,509,317.28. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 10,184 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.97, for a total transaction of $356,134.48. Following the sale, the chief financial officer now owns 116,306 shares in the company, valued at approximately $4,067,220.82. The trade was a 8.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 104,082 shares of company stock valued at $3,632,417. 6.76% of the stock is owned by corporate 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.