Beaumont Financial Advisors LLC Takes $262,000 Position in RingCentral, Inc. (NYSE:RNG)

Beaumont Financial Advisors LLC acquired a new stake in shares of RingCentral, Inc. (NYSE:RNG) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,481 shares of the software maker’s stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Sovereign Financial Group Inc. raised its stake in shares of RingCentral by 4.0% during the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock valued at $353,000 after acquiring an additional 386 shares during the last quarter. Xponance Inc. raised its stake in shares of RingCentral by 6.8% during the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after acquiring an additional 704 shares during the last quarter. KBC Group NV raised its stake in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares during the last quarter. Private Advisor Group LLC raised its stake in shares of RingCentral by 13.6% during the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after acquiring an additional 971 shares during the last quarter. Finally, Quarry LP raised its stake in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after acquiring an additional 982 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

RingCentral Stock Up 0.9 %

Shares of RingCentral stock opened at $34.39 on Friday. The company has a market cap of $3.11 billion, a price-to-earnings ratio of -32.44, a price-to-earnings-growth ratio of 1.41 and a beta of 0.99. The company’s 50 day moving average is $36.58 and its 200 day moving average is $33.99. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19.

RingCentral (NYSE:RNG) last issued its quarterly earnings data 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. The company had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. Sell-side analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the transaction, the chief executive officer now directly owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of the 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 $814,008.64. Following the completion of the transaction, the senior vice president now owns 357,818 shares in the company, valued at $12,509,317.28. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock worth $4,113,047 over the last quarter. Company insiders own 6.97% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on RNG shares. Raymond James reiterated an “outperform” rating and set a $45.00 price target (down previously from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Wells Fargo & Company reiterated an “underweight” rating and set a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Robert W. Baird upped their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Rosenblatt Securities restated a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Finally, StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $41.29.

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.