State of New Jersey Common Pension Fund D Acquires 5,085 Shares of RingCentral, Inc. (NYSE:RNG)

State of New Jersey Common Pension Fund D raised its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 9.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 58,947 shares of the software maker’s stock after purchasing an additional 5,085 shares during the period. State of New Jersey Common Pension Fund D’s holdings in RingCentral were worth $1,864,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Natixis bought a new stake in RingCentral during the first quarter valued at about $837,000. Victory Capital Management Inc. grew its position in shares of RingCentral by 35.0% in the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock worth $3,280,000 after buying an additional 30,138 shares during the last quarter. Olympiad Research LP bought a new position in shares of RingCentral during the 3rd quarter worth approximately $483,000. Jacobs Levy Equity Management Inc. lifted its position in RingCentral by 163.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after acquiring an additional 192,766 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in RingCentral by 289.4% in the first quarter. Russell Investments Group Ltd. now owns 153,806 shares of the software maker’s stock valued at $5,343,000 after acquiring an additional 114,304 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Insider Activity at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 573,725 shares in the company, valued at approximately $18,651,799.75. This represents a 9.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This trade represents a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 106,002 shares of company stock worth $3,463,214. 6.76% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on RNG shares. Northland Securities upped their price target on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft increased their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Raymond James dropped their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.73.

RingCentral Stock Down 2.1 %

Shares of RNG stock opened at $35.02 on Tuesday. The stock has a market cap of $3.22 billion, a PE ratio of -33.04, a price-to-earnings-growth ratio of 2.27 and a beta of 0.99. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $40.98. The business has a 50-day simple moving average of $32.89 and a 200-day simple moving average of $32.52.

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