Grant Private Wealth Management Inc Acquires Shares of 16,360 RingCentral, Inc. (NYSE:RNG)

Grant Private Wealth Management Inc bought a new stake in shares of RingCentral, Inc. (NYSE:RNG) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 16,360 shares of the software maker’s stock, valued at approximately $576,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Bryce Point Capital LLC acquired a new stake in RingCentral during the fourth quarter valued at $452,000. Trexquant Investment LP lifted its stake in RingCentral by 72.1% in the fourth quarter. Trexquant Investment LP now owns 238,674 shares of the software maker’s stock valued at $8,356,000 after acquiring an additional 99,989 shares during the last quarter. Geode Capital Management LLC grew its position in RingCentral by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker’s stock worth $47,267,000 after acquiring an additional 58,814 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of RingCentral by 128.2% during the 4th quarter. Alliancebernstein L.P. now owns 45,376 shares of the software maker’s stock valued at $1,589,000 after purchasing an additional 25,495 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in shares of RingCentral in the 4th quarter valued at $244,000. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at RingCentral

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the business’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 $1,002,141.84. Following the sale, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. The trade was a 10.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at $12,701,774.40. The trade was a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Rosenblatt Securities lowered their price objective on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Robert W. Baird reduced their target price on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Raymond James lowered their price target on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Finally, Morgan Stanley boosted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and a consensus price target of $37.69.

RingCentral Stock Performance

NYSE:RNG opened at $25.87 on Thursday. The firm’s 50-day moving average is $30.30 and its 200-day moving average is $33.36. The company has a market cap of $2.35 billion, a price-to-earnings ratio of -40.42, a PEG ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a 52-week low of $23.89 and a 52-week high of $42.19.

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