Pacer Advisors Inc. Increases Stake in RingCentral, Inc. (NYSE:RNG)

Pacer Advisors Inc. grew its position in RingCentral, Inc. (NYSE:RNG) by 45.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,639,356 shares of the software maker’s stock after buying an additional 822,892 shares during the period. Pacer Advisors Inc.’s holdings in RingCentral were worth $83,483,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc lifted its holdings in shares of RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares in the last quarter. Point72 DIFC Ltd bought a new position in RingCentral during the 2nd quarter valued at about $39,000. Venturi Wealth Management LLC lifted its stake in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after acquiring an additional 1,119 shares during the period. KBC Group NV boosted its holdings 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 acquiring an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in RingCentral during the 3rd quarter valued at $121,000. Institutional investors own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RNG. Piper Sandler boosted their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Northland Securities lifted their price objective on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Wells Fargo & Company boosted their price objective on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.73.

RingCentral Price Performance

NYSE RNG opened at $34.87 on Friday. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $40.98. The business has a 50 day simple moving average of $33.32 and a two-hundred day simple moving average of $32.59. The stock has a market capitalization of $3.15 billion, a PE ratio of -32.90, a P/E/G ratio of 2.26 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The firm had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. On average, analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,781,201.20. The trade was a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 6.76% of the company’s stock.

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.