Valley Wealth Managers Inc. Invests $20.79 Million in RingCentral, Inc. (NYSE:RNG)

Valley Wealth Managers Inc. acquired a new position in shares of RingCentral, Inc. (NYSE:RNG) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 593,884 shares of the software maker’s stock, valued at approximately $20,792,000. RingCentral comprises approximately 1.6% of Valley Wealth Managers Inc.’s portfolio, making the stock its 23rd biggest holding. Valley Wealth Managers Inc. owned approximately 0.66% of RingCentral as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the business. Fort Washington Investment Advisors Inc. OH increased its holdings in shares of RingCentral by 32.5% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after acquiring an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in shares of RingCentral during the 4th quarter valued at $59,055,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of RingCentral by 65.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after buying an additional 151,433 shares during the last quarter. Olympiad Research LP bought a new stake in shares of RingCentral during the 3rd quarter valued at $483,000. Finally, Beaumont Financial Advisors LLC bought a new stake in shares of RingCentral during the 4th quarter valued at $262,000. 98.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RNG has been the subject of a number of research reports. Raymond James reiterated an “outperform” rating and issued a $45.00 price objective (down from $50.00) on shares of RingCentral in a report on Friday, January 3rd. Wedbush raised their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Mizuho cut their target price on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $40.60.

RingCentral Stock Performance

Shares of RNG opened at $33.75 on Tuesday. The firm’s 50-day moving average is $35.59 and its two-hundred day moving average is $34.34. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 10,184 shares of RingCentral stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.97, for a total value of $356,134.48. Following the completion of the transaction, the chief financial officer now directly owns 116,306 shares of the company’s stock, valued at approximately $4,067,220.82. The trade was a 8.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ned D. Segal sold 2,914 shares of RingCentral stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the transaction, the director now directly owns 10,633 shares of the company’s stock, valued at $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,010 shares of company stock worth $4,036,229. 6.97% of the stock is owned by insiders.

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.