Primecap Management Co. CA Buys 8,500 Shares of RingCentral, Inc. (NYSE:RNG)

Primecap Management Co. CA raised its stake in RingCentral, Inc. (NYSE:RNG) by 15.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 62,500 shares of the software maker’s stock after purchasing an additional 8,500 shares during the quarter. Primecap Management Co. CA’s holdings in RingCentral were worth $1,977,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of RingCentral by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after buying an additional 538,325 shares during the period. Pacer Advisors Inc. grew its holdings in RingCentral by 25.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after acquiring an additional 365,738 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of RingCentral by 3.5% in the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock valued at $45,309,000 after acquiring an additional 54,500 shares during the period. AQR Capital Management LLC raised its stake in shares of RingCentral by 2.4% during the second quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock valued at $24,706,000 after acquiring an additional 20,666 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in shares of RingCentral by 130.1% during the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after purchasing an additional 234,238 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

RNG has been the subject of a number of recent analyst reports. Raymond James lowered their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Friday, November 8th. Wedbush upped their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral has an average rating of “Moderate Buy” and an average price target of $40.73.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction on Tuesday, October 1st. The stock was 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 approximately $4,256,584. This trade represents a 1.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $814,008.64. Following the transaction, the senior vice president now directly owns 357,818 shares in the company, valued at approximately $12,509,317.28. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 104,082 shares of company stock valued at $3,632,417. Insiders own 6.76% of the company’s stock.

RingCentral Stock Up 5.9 %

RingCentral stock opened at $36.91 on Friday. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $40.98. The company has a market capitalization of $3.34 billion, a P/E ratio of -34.82, a PEG ratio of 2.26 and a beta of 0.99. The stock’s 50 day moving average is $33.32 and its 200 day moving average is $32.59.

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