Sovereign Financial Group Inc. raised its position in RingCentral, Inc. (NYSE:RNG – Free Report) by 4.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,079 shares of the software maker’s stock after purchasing an additional 386 shares during the quarter. Sovereign Financial Group Inc.’s holdings in RingCentral were worth $353,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in RNG. Point72 DIFC Ltd purchased a new stake in shares of RingCentral in the second quarter worth approximately $39,000. Venturi Wealth Management LLC grew its position in RingCentral by 150.4% in 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 last quarter. Quarry LP increased its stake in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares during the period. KBC Group NV lifted its position in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of RingCentral during the third quarter valued at $121,000. Institutional investors own 98.61% of the company’s stock.
Insider Buying and Selling at RingCentral
In other RingCentral news, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the transaction, the chief executive officer now owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 10,184 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.97, for a total value of $356,134.48. Following 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,188 shares of company stock worth $4,113,047. 6.97% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Read Our Latest Stock Report on RNG
RingCentral Stock Performance
NYSE:RNG opened at $33.49 on Thursday. The company’s 50-day simple moving average is $37.07 and its 200-day simple moving average is $33.81. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The stock has a market capitalization of $3.03 billion, a P/E ratio of -31.59, a P/E/G ratio of 2.48 and a beta of 0.99.
RingCentral (NYSE:RNG – Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, research analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current year.
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.
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