RingCentral, Inc. (NYSE:RNG) Shares Purchased by Heritage Investors Management Corp

Heritage Investors Management Corp raised its holdings in RingCentral, Inc. (NYSE:RNG) by 0.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 159,462 shares of the software maker’s stock after acquiring an additional 1,484 shares during the quarter. Heritage Investors Management Corp owned 0.17% of RingCentral worth $5,044,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Janney Montgomery Scott LLC lifted its stake in RingCentral by 3.6% during the first quarter. Janney Montgomery Scott LLC now owns 28,610 shares of the software maker’s stock valued at $994,000 after purchasing an additional 981 shares during the last quarter. Capstone Investment Advisors LLC purchased a new stake in RingCentral during the first quarter valued at about $542,000. GSA Capital Partners LLP acquired a new position in shares of RingCentral in the first quarter worth about $704,000. Sei Investments Co. grew its position in 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 in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of RingCentral by 289.4% in the first quarter. Russell Investments Group Ltd. now owns 153,806 shares of the software maker’s stock worth $5,343,000 after buying an additional 114,304 shares during the period. Institutional investors own 98.61% of the company’s stock.

Analysts Set New Price Targets

RNG has been the subject of several research analyst reports. Wedbush raised RingCentral to a “hold” rating in a research note on Thursday, October 17th. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research report on Friday. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 19th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research report on Monday, August 5th. Finally, Northland Securities boosted their price target on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $40.07.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total transaction of $334,849.92. Following the transaction, the chief financial officer now owns 137,545 shares of the company’s stock, valued at approximately $4,522,479.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the sale, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 10,184 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares of the company’s stock, valued at approximately $4,522,479.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock worth $3,386,396 over the last three months. 6.76% of the stock is currently owned by insiders.

RingCentral Price Performance

NYSE:RNG traded up $0.32 during midday trading on Tuesday, reaching $36.48. The stock had a trading volume of 16,503 shares, compared to its average volume of 1,202,305. The stock has a market capitalization of $3.35 billion, a P/E ratio of -25.46, a PEG ratio of 2.84 and a beta of 0.99. RingCentral, Inc. has a 1-year low of $26.23 and a 1-year high of $38.35. The firm’s fifty day simple moving average is $31.81 and its 200-day simple moving average is $32.05.

About RingCentral

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.