Summit Global Investments Buys Shares of 27,647 RingCentral, Inc. (NYSE:RNG)

Summit Global Investments bought a new stake in RingCentral, Inc. (NYSE:RNG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 27,647 shares of the software maker’s stock, valued at approximately $968,000.

Several other large investors also recently added to or reduced their stakes in RNG. Quarry LP grew its holdings in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares in the last quarter. KBC Group NV grew its holdings in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the period. Venturi Wealth Management LLC grew its holdings in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after purchasing an additional 1,028 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in shares of RingCentral during the 4th quarter worth $173,000. Finally, Point72 DIFC Ltd grew its holdings in shares of RingCentral by 301.1% during the 3rd quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock worth $175,000 after purchasing an additional 4,155 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Piper Sandler lowered their price target on RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Rosenblatt Securities lowered their price target on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. Needham & Company LLC lowered their price target on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a report on Friday, February 21st. Barclays lowered their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Finally, UBS Group decreased their target price on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $37.69.

RingCentral Price Performance

RNG stock opened at $26.89 on Friday. The firm has a market capitalization of $2.44 billion, a P/E ratio of -42.01, a P/E/G ratio of 1.27 and a beta of 1.20. The business’s 50-day moving average is $31.41 and its two-hundred day moving average is $33.46. RingCentral, Inc. has a 1 year low of $26.22 and a 1 year high of $42.19.

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

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 22,979 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.82, for a total transaction of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares of the company’s stock, valued at approximately $10,046,623.18. This trade represents a 6.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the sale, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. This trade represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 247,740 shares of company stock valued at $7,099,279. 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.