RingCentral, Inc. $RNG Stock Bought by Fulcrum Asset Management LLP

Fulcrum Asset Management LLP grew its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 2,756.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 11,199 shares of the software maker’s stock after purchasing an additional 10,807 shares during the quarter. Fulcrum Asset Management LLP’s holdings in RingCentral were worth $834,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC grew its holdings in RingCentral by 128.1% in the 3rd quarter. Fortitude Family Office LLC now owns 349 shares of the software maker’s stock worth $26,000 after buying an additional 196 shares in the last quarter. Elevation Wealth Partners LLC increased its position in RingCentral by 119.3% in the 3rd quarter. Elevation Wealth Partners LLC now owns 546 shares of the software maker’s stock valued at $41,000 after acquiring an additional 297 shares during the period. WealthCollab LLC increased its position in RingCentral by 59.7% in the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock valued at $26,000 after acquiring an additional 259 shares during the period. Meeder Asset Management Inc. increased its position in RingCentral by 127.3% in the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock valued at $27,000 after acquiring an additional 410 shares during the period. Finally, Signaturefd LLC raised its stake in RingCentral by 77.2% during the 3rd quarter. Signaturefd LLC now owns 1,552 shares of the software maker’s stock valued at $116,000 after acquiring an additional 676 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Price Performance

RingCentral stock opened at $75.79 on Friday. RingCentral, Inc. has a 12-month low of $24.14 and a 12-month high of $98.14. The stock has a market capitalization of $6.40 billion, a PE ratio of 10.03, a price-to-earnings-growth ratio of 1.27 and a beta of 1.05. The firm has a 50 day simple moving average of $77.01 and a 200-day simple moving average of $51.30.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, October 22nd. The software maker reported $1.33 EPS for the quarter, topping the consensus estimate of $1.28 by $0.05. The firm had revenue of $676.04 million for the quarter, compared to analysts’ expectations of $667.30 million. RingCentral had a negative return on equity of 50.15% and a net margin of 25.27%. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.13 earnings per share. On average, analysts forecast that RingCentral, Inc. will post 2.96 earnings per share for the current fiscal year.

RingCentral Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be given a dividend of $0.1250 per share. The ex-dividend date is Friday, November 6th. This represents a $0.50 annualized dividend and a dividend yield of 0.7%. RingCentral’s dividend payout ratio (DPR) is 6.61%.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 7,046 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $72.10, for a total value of $508,016.60. Following the completion of the sale, the chief financial officer owned 146,700 shares in the company, valued at $10,577,070. This represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Vladimir Shmunis sold 11,165 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $76.58, for a total value of $855,015.70. Following the transaction, the chief executive officer directly owned 179,106 shares of the company’s stock, valued at $13,715,937.48. This represents a 5.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 84,625 shares of company stock worth $6,024,953. 7.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Rosenblatt Securities boosted their price target on RingCentral from $80.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, October 26th. Oppenheimer raised their price target on RingCentral from $85.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, October 23rd. Weiss Ratings upgraded shares of RingCentral from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, October 26th. Royal Bank Of Canada assumed coverage on shares of RingCentral in a report on Thursday, September 3rd. They issued an “outperform” rating and a $85.00 price objective for the company. Finally, Evercore set a $90.00 target price on shares of RingCentral in a research report on Friday, October 23rd. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, RingCentral currently has a consensus rating of “Hold” and an average target price of $93.92.

About RingCentral

RingCentral, Inc. provides cloud-based communications and collaboration services for businesses. Its offerings combine business phone service, video meetings, team messaging and related tools in a unified communications platform. The company also offers contact center services that help organizations manage customer interactions across channels, along with integrations with business software. Its services are delivered to organizations in multiple countries and regions. RingCentral was founded in 1999 by Vlad Shmunis, who serves as the company’s founder, chairman and chief executive officer.