RingCentral, Inc. (NYSE:RNG) Stock Holdings Increased by Kestra Investment Management LLC

Kestra Investment Management LLC lifted its holdings in RingCentral, Inc. (NYSE:RNG) by 55.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,159 shares of the software maker’s stock after purchasing an additional 3,992 shares during the quarter. Kestra Investment Management LLC’s holdings in RingCentral were worth $391,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of RNG. Fort Washington Investment Advisors Inc. OH lifted its holdings in RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after purchasing an additional 134,928 shares during the period. Hennessy Advisors Inc. acquired a new stake in shares of RingCentral in the 4th quarter worth approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of RingCentral by 65.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after acquiring an additional 151,433 shares during the period. Olympiad Research LP acquired a new position in shares of RingCentral during the third quarter valued at approximately $483,000. Finally, Beaumont Financial Advisors LLC bought a new stake in RingCentral during the fourth quarter worth approximately $262,000. 98.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity at RingCentral

In related news, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the transaction, the director now directly owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the sale, the director now directly owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,091 shares of company stock valued at $542,958. Company insiders own 6.97% of the company’s stock.

RingCentral Stock Down 5.9 %

RNG opened at $31.81 on Thursday. The firm has a market capitalization of $2.88 billion, a P/E ratio of -30.01, a PEG ratio of 1.39 and a beta of 1.01. The stock has a fifty day moving average of $35.24 and a 200-day moving average of $34.32. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $42.19.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on RNG shares. Piper Sandler increased their price target on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Wedbush boosted their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Morgan Stanley upped their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Finally, StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral currently has a consensus rating of “Hold” and an average price target of $40.60.

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.