Kestra Investment Management LLC Makes New Investment in RingCentral, Inc. (NYSE:RNG)

Kestra Investment Management LLC acquired a new stake in RingCentral, Inc. (NYSE:RNG) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 7,167 shares of the software maker’s stock, valued at approximately $227,000.

A number of other hedge funds have also made changes to their positions in the stock. Versant Capital Management Inc boosted its stake in RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of RingCentral in the second quarter valued at $39,000. Venturi Wealth Management LLC boosted its stake in RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares in the last quarter. KBC Group NV grew its holdings in RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division bought a new stake in RingCentral in the third quarter worth about $121,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction that occurred 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. The trade was a 1.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now directly owns 479,468 shares in the company, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 104,082 shares of company stock valued at $3,632,417 in the last three months. Insiders own 6.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Piper Sandler raised their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Wedbush upped their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities reissued a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research note on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $40.73.

RingCentral Stock Up 0.3 %

Shares of RNG opened at $37.76 on Tuesday. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $40.98. The company’s 50 day moving average price is $34.28 and its 200 day moving average price is $32.70.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating 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 business had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. As a group, equities research analysts anticipate that RingCentral, Inc. will post 0.84 earnings per share 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.