280,920 Shares in RingCentral, Inc. (NYSE:RNG) Bought by Foundry Partners LLC

Foundry Partners LLC bought a new stake in shares of RingCentral, Inc. (NYSE:RNG) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 280,920 shares of the software maker’s stock, valued at approximately $8,886,000. Foundry Partners LLC owned about 0.31% of RingCentral at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc raised 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 buying an additional 664 shares during the last quarter. Point72 DIFC Ltd acquired a new position in RingCentral in the 2nd quarter valued at approximately $39,000. Venturi Wealth Management LLC lifted its position in shares of RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares during the period. KBC Group NV grew its holdings in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in shares of RingCentral in the third quarter valued at $121,000. 98.61% of the stock is owned by institutional investors.

RingCentral Price Performance

NYSE RNG opened at $35.02 on Thursday. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $40.98. The stock has a fifty day moving average of $33.19 and a 200-day moving average of $32.57.

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, 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 for the quarter, compared to the consensus estimate of $601.91 million. On average, sell-side analysts anticipate that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction 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. This represents a 2.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the 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 transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,076 shares of company stock worth $470,737. Company insiders own 6.76% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.