Intech Investment Management LLC Invests $1.15 Million in RingCentral, Inc. (NYSE:RNG)

Intech Investment Management LLC purchased a new stake in shares of RingCentral, Inc. (NYSE:RNG) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 36,429 shares of the software maker’s stock, valued at approximately $1,152,000.

Several other hedge funds also recently added to or reduced their stakes in RNG. Versant Capital Management Inc grew its stake in RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after acquiring an additional 664 shares in the last quarter. Point72 DIFC Ltd bought a new position in RingCentral in the 2nd quarter worth about $39,000. Venturi Wealth Management LLC grew its stake in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares in the last quarter. KBC Group NV grew its stake in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division bought a new position in RingCentral in the 3rd quarter worth about $121,000. 98.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on RNG. Wedbush upped their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Robert W. Baird increased their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Northland Securities increased their target price on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $45.00 target price on shares of RingCentral in a research report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $40.73.

RingCentral Price Performance

Shares of RingCentral stock opened at $38.06 on Thursday. The firm has a fifty day moving average price of $33.82 and a 200 day moving average price of $32.69. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $40.98. The stock has a market cap of $3.44 billion, a PE ratio of -35.94, a price-to-earnings-growth ratio of 2.47 and a beta of 0.99.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. As a group, equities analysts expect that RingCentral, Inc. will post 0.84 EPS for the current year.

Insider Buying and Selling

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,256,584. This trade represents a 1.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the sale, the senior vice president now owns 357,818 shares in the company, valued at approximately $12,509,317.28. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 104,082 shares of company stock valued at $3,632,417 over the last 90 days. Insiders own 6.76% of the company’s stock.

RingCentral 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.