Diversified Trust Co Increases Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Diversified Trust Co lifted its stake in shares of RingCentral, Inc. (NYSE:RNG) by 89.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,499 shares of the software maker’s stock after buying an additional 13,491 shares during the period. Diversified Trust Co’s holdings in RingCentral were worth $998,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of RNG. Victory Capital Management Inc. raised its stake in shares of RingCentral by 35.0% in the second quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock valued at $3,280,000 after buying an additional 30,138 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of RingCentral by 65.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after buying an additional 151,433 shares during the period. Olympiad Research LP bought a new stake in shares of RingCentral in the third quarter valued at $483,000. Scientech Research LLC bought a new stake in shares of RingCentral in the second quarter valued at $957,000. Finally, AQR Capital Management LLC raised its stake in shares of RingCentral by 2.4% in the second quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock valued at $24,706,000 after buying an additional 20,666 shares during the period. 98.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RNG. Rosenblatt Securities restated a “buy” rating and issued a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Piper Sandler lifted their price target on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Wedbush lifted their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, RingCentral currently has a consensus rating of “Hold” and an average target price of $41.29.

RingCentral Trading Down 1.2 %

RNG opened at $33.61 on Friday. The stock has a 50-day moving average price of $37.29 and a 200-day moving average price of $33.62. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $42.19. The stock has a market capitalization of $3.04 billion, a P/E ratio of -31.71, a PEG ratio of 2.48 and a beta of 0.99.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The company had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. On average, equities research analysts predict that RingCentral, Inc. will post 0.84 EPS for the current year.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 66,451 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the transaction, the chief executive officer now owns 479,468 shares of the company’s stock, valued at $16,762,201.28. This represents a 12.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the transaction, the director now directly owns 10,633 shares of the company’s stock, valued at $442,332.80. The trade was a 21.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,188 shares of company stock valued at $4,113,047. Insiders own 6.97% of the company’s stock.

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.