Primecap Management Co. CA Buys 8,500 Shares of RingCentral, Inc. (NYSE:RNG)

Primecap Management Co. CA increased its stake in shares of RingCentral, Inc. (NYSE:RNG) by 15.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 62,500 shares of the software maker’s stock after buying an additional 8,500 shares during the period. Primecap Management Co. CA owned about 0.07% of RingCentral worth $1,977,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RNG. Sei Investments Co. increased its stake 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. Sovereign Financial Group Inc. increased its position in RingCentral by 6.9% in the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock worth $307,000 after buying an additional 625 shares during the last quarter. Versant Capital Management Inc increased its position in RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after buying an additional 664 shares during the last quarter. Xponance Inc. raised its stake in shares of RingCentral by 6.8% in the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after buying an additional 704 shares during the period. Finally, KBC Group NV lifted its position 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 valued at $84,000 after buying an additional 744 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Trading Up 5.9 %

RNG 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 stock has a market cap of $3.34 billion, a price-to-earnings ratio of -34.82, a price-to-earnings-growth ratio of 2.26 and a beta of 0.99. 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 for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. As a group, sell-side analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Northland Securities boosted their price objective on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Wedbush upped their price target 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. Piper Sandler raised their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Finally, StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, RingCentral currently has a consensus rating of “Moderate Buy” and an average target price of $40.73.

Insiders Place Their Bets

In related news, SVP John H. Marlow sold 23,284 shares of the business’s 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 completion of the sale, the senior vice president now owns 357,818 shares in the company, valued at $12,509,317.28. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the transaction, the chief financial officer now owns 135,560 shares in the company, valued at $4,256,584. The trade was a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 104,082 shares of company stock valued at $3,632,417 over the last 90 days. Insiders own 6.76% of the company’s stock.

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.