Algert Global LLC Raises Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Algert Global LLC grew its stake in shares of RingCentral, Inc. (NYSE:RNG) by 80.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 317,734 shares of the software maker’s stock after buying an additional 141,999 shares during the period. Algert Global LLC owned 0.35% of RingCentral worth $10,050,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Natixis purchased a new position in RingCentral during the first quarter valued at approximately $837,000. Victory Capital Management Inc. raised its position in shares of RingCentral by 35.0% during the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock valued at $3,280,000 after purchasing an additional 30,138 shares during the period. Olympiad Research LP purchased a new position in shares of RingCentral during the 3rd quarter valued at $483,000. Jacobs Levy Equity Management Inc. boosted its holdings in RingCentral by 163.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after buying an additional 192,766 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in RingCentral by 65.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after buying an additional 151,433 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

Insider Transactions at RingCentral

In related news, 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 value of $814,008.64. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $356,134.48. Following the transaction, the chief financial officer now owns 116,306 shares in the company, valued at $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. Over the last ninety days, insiders have sold 104,082 shares of company stock worth $3,632,417. Insiders own 6.76% of the company’s stock.

RingCentral Price Performance

RingCentral stock opened at $36.91 on Friday. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $40.98. The company’s 50-day moving average is $33.32 and its 200 day moving average is $32.59.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) 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 analysts’ expectations of $601.91 million. On average, equities research analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on RNG shares. Deutsche Bank Aktiengesellschaft increased their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Robert W. Baird boosted their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Wedbush raised their target price on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Northland Securities boosted their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.