RingCentral, Inc. (NYSE:RNG) Shares Acquired by Jupiter Asset Management Ltd.

Jupiter Asset Management Ltd. raised its stake in shares of RingCentral, Inc. (NYSE:RNG) by 4.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,058,753 shares of the software maker’s stock after purchasing an additional 47,827 shares during the quarter. Jupiter Asset Management Ltd. owned about 1.17% of RingCentral worth $37,067,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Venturi Wealth Management LLC increased its stake in RingCentral by 150.4% during the 3rd 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. Quarry LP increased its stake in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares in the last quarter. KBC Group NV increased its stake in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares in the last quarter. Point72 DIFC Ltd increased its stake in RingCentral by 301.1% during the 3rd quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock valued at $175,000 after purchasing an additional 4,155 shares in the last quarter. Finally, Central Pacific Bank Trust Division increased its stake in RingCentral by 31.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock valued at $176,000 after purchasing an additional 1,194 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Stock Performance

RNG stock opened at $26.76 on Wednesday. The firm has a market cap of $2.43 billion, a PE ratio of -41.82, a P/E/G ratio of 1.27 and a beta of 1.20. The firm’s fifty day moving average is $32.62 and its 200 day moving average is $33.83. RingCentral, Inc. has a one year low of $26.64 and a one year high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). The company had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Research analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on RNG shares. Robert W. Baird cut their price target on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. UBS Group cut their price objective on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Mizuho cut their price objective on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. Rosenblatt Securities cut their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $37.69.

Insider Buying and Selling at RingCentral

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction 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. This trade represents a 21.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 22,979 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the transaction, the senior vice president now directly owns 348,599 shares in the company, valued at approximately $10,046,623.18. The trade was a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 250,654 shares of company stock valued at $7,220,502 over the last ninety days. Corporate insiders own 6.97% of the company’s stock.

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.