RingCentral, Inc. (NYSE:RNG) Shares Acquired by Venturi Wealth Management LLC

Venturi Wealth Management LLC lifted its stake in RingCentral, Inc. (NYSE:RNG) by 55.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,891 shares of the software maker’s stock after buying an additional 1,028 shares during the period. Venturi Wealth Management LLC’s holdings in RingCentral were worth $101,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. D.A. Davidson & CO. grew its position in shares of RingCentral by 15.7% during the fourth quarter. D.A. Davidson & CO. now owns 12,263 shares of the software maker’s stock worth $429,000 after acquiring an additional 1,664 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in RingCentral by 457.2% during the 4th quarter. Sanctuary Advisors LLC now owns 31,412 shares of the software maker’s stock worth $1,118,000 after purchasing an additional 25,775 shares during the period. Savant Capital LLC purchased a new position in RingCentral during the 4th quarter worth $258,000. Empowered Funds LLC acquired a new position in RingCentral in the fourth quarter valued at $367,000. Finally, Gagnon Securities LLC raised its holdings in shares of RingCentral by 5.6% in the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock valued at $270,000 after buying an additional 407 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on RNG shares. UBS Group decreased their price objective on RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday. Needham & Company LLC decreased their price target on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a report on Friday. Barclays dropped their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday. Piper Sandler reduced their target price on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday. Finally, StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $38.15.

Insider Activity

In related news, Director Robert I. Theis sold 1,457 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the sale, the director now owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John H. Marlow sold 8,720 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the transaction, the senior vice president now owns 334,869 shares of the company’s stock, valued at $14,081,241.45. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,091 shares of company stock valued at $542,958. Insiders own 6.97% of the company’s stock.

RingCentral Trading Down 6.1 %

Shares of NYSE RNG opened at $28.90 on Monday. The business has a 50 day simple moving average of $34.82 and a 200-day simple moving average of $34.26. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of -45.16, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. As a group, equities analysts predict that RingCentral, Inc. will post 1.29 earnings per share 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.