10,087 Shares in RingCentral, Inc. (NYSE:RNG) Acquired by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of RingCentral, Inc. (NYSE:RNG) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 10,087 shares of the software maker’s stock, valued at approximately $284,000.

Several other hedge funds also recently modified their holdings of RNG. Treasurer of the State of North Carolina raised its position in shares of RingCentral by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock valued at $1,284,000 after purchasing an additional 360 shares during the period. Hexagon Capital Partners LLC grew its position in shares of RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after purchasing an additional 410 shares during the last quarter. Sovereign Financial Group Inc. lifted its position in shares of RingCentral by 6.0% during the 1st quarter. Sovereign Financial Group Inc. now owns 8,927 shares of the software maker’s stock worth $310,000 after purchasing an additional 507 shares during the last quarter. Sei Investments Co. lifted its position in shares of RingCentral by 2.3% during the 1st quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after purchasing an additional 539 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in RingCentral by 13.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after purchasing an additional 540 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Stock Performance

RNG stock opened at $30.67 on Wednesday. The firm has a market cap of $2.82 billion, a P/E ratio of -20.58, a P/E/G ratio of 2.46 and a beta of 1.03. RingCentral, Inc. has a 52 week low of $25.08 and a 52 week high of $38.35. The firm’s fifty day moving average is $32.06 and its 200 day moving average is $32.08.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. The company’s revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.03) EPS. As a group, analysts forecast that RingCentral, Inc. will post 0.63 EPS for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the transaction, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO John H. Marlow sold 19,498 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the sale, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at $12,732,945.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were 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. The disclosure for this sale can be found here. Insiders sold a total of 101,839 shares of company stock valued at $3,324,067 in the last three months. 6.76% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RNG shares. Wells Fargo & Company raised their price target on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Rosenblatt Securities raised RingCentral from a “neutral” rating to a “buy” rating and upped their price target for the company from $35.00 to $45.00 in a report on Friday, August 2nd. StockNews.com cut RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 6th. Robert W. Baird upped their target price on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral presently has a consensus rating of “Moderate Buy” and an average target price of $40.07.

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.