Convergence Investment Partners LLC Buys New Shares in Ringcentral, Inc. $RNG

Convergence Investment Partners LLC purchased a new stake in shares of Ringcentral, Inc. (NYSE:RNG) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,834 shares of the software maker’s stock, valued at approximately $590,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Fort Washington Investment Advisors Inc. OH raised its stake in Ringcentral by 22.9% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 1,224,090 shares of the software maker’s stock valued at $34,691,000 after buying an additional 228,202 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Ringcentral in the 2nd quarter valued at $404,000. Russell Investments Group Ltd. lifted its holdings in Ringcentral by 79.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 340,188 shares of the software maker’s stock valued at $9,610,000 after purchasing an additional 150,537 shares during the last quarter. Vise Technologies Inc. bought a new position in Ringcentral during the second quarter worth $430,000. Finally, Oak Harvest Investment Services acquired a new position in shares of Ringcentral in the third quarter valued at $1,873,000. 98.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RNG has been the subject of several research analyst reports. Morgan Stanley reduced their target price on shares of Ringcentral from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Thursday, January 15th. Rosenblatt Securities restated a “buy” rating and set a $32.00 price objective on shares of Ringcentral in a report on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $36.00 target price on shares of Ringcentral in a research note on Tuesday, November 4th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $31.46.

Ringcentral Stock Up 2.2%

Shares of NYSE:RNG opened at $26.44 on Tuesday. Ringcentral, Inc. has a 12-month low of $20.58 and a 12-month high of $35.25. The company’s 50 day moving average price is $28.53 and its two-hundred day moving average price is $28.65. The firm has a market cap of $2.29 billion, a PE ratio of 188.90, a PEG ratio of 1.07 and a beta of 1.23.

Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.05. The business had revenue of $638.66 million during the quarter, compared to analysts’ expectations of $635.39 million. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 earnings per share. On average, research analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 14,971 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $25.96, for a total transaction of $388,647.16. Following the sale, the chief financial officer directly owned 165,593 shares of the company’s stock, valued at approximately $4,298,794.28. This represents a 8.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 27,018 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $27.68, for a total value of $747,858.24. Following the completion of the transaction, the chief executive officer owned 262,240 shares in the company, valued at $7,258,803.20. The trade was a 9.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 115,838 shares of company stock valued at $3,164,064. 7.30% of the stock is owned by insiders.

About Ringcentral

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.