PharVision Advisers LLC Acquires New Holdings in RingCentral, Inc. (NYSE:RNG)

PharVision Advisers LLC acquired a new stake in RingCentral, Inc. (NYSE:RNG) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 7,022 shares of the software maker’s stock, valued at approximately $246,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Arrowstreet Capital Limited Partnership lifted its stake in RingCentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after acquiring an additional 1,164,241 shares in the last quarter. Valley Wealth Managers Inc. bought a new stake in RingCentral in the 4th quarter valued at approximately $20,792,000. Capital World Investors lifted its stake in RingCentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after acquiring an additional 591,398 shares in the last quarter. First Trust Advisors LP lifted its stake in RingCentral by 35.6% in the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock valued at $70,345,000 after acquiring an additional 527,901 shares in the last quarter. Finally, Wellington Management Group LLP bought a new stake in RingCentral in the 4th quarter valued at approximately $15,630,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Piper Sandler boosted their target price on RingCentral from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. UBS Group cut their target price on RingCentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Mizuho boosted their target price on RingCentral from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Monday, May 12th. Robert W. Baird cut their target price on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Finally, Wedbush dropped their price objective on RingCentral from $38.00 to $30.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $33.08.

Insider Buying and Selling

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at $8,953,845.60. This represents a 10.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 374,335 shares of company stock valued at $10,258,479. 6.97% of the stock is owned by insiders.

RingCentral Trading Up 1.1%

RNG stock opened at $26.52 on Friday. The firm has a market capitalization of $2.39 billion, a PE ratio of -41.44, a PEG ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19. The business’s 50 day simple moving average is $25.33 and its 200 day simple moving average is $31.40.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.04. The business had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.87 EPS. As a group, sell-side analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

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.