Point72 DIFC Ltd Has $175,000 Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Point72 DIFC Ltd raised its stake in shares of RingCentral, Inc. (NYSE:RNG) by 301.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,535 shares of the software maker’s stock after purchasing an additional 4,155 shares during the quarter. Point72 DIFC Ltd’s holdings in RingCentral were worth $175,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in RNG. Venturi Wealth Management LLC boosted its holdings 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 purchasing an additional 1,119 shares in the last quarter. KBC Group NV boosted 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 valued at $84,000 after purchasing an additional 744 shares in the last quarter. Central Pacific Bank Trust Division acquired a new stake in RingCentral during the third quarter valued at approximately $121,000. CWM LLC boosted its holdings in RingCentral by 595.9% during the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after purchasing an additional 4,064 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in RingCentral during the third quarter valued at approximately $180,000. 98.61% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,781,201.20. The trade was a 1.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the completion of the transaction, the director now directly owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 105,539 shares of company stock valued at $3,687,477. Company insiders own 6.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RNG. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Wedbush lifted their target price on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Raymond James cut their target price on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $40.73.

RingCentral Price Performance

RNG stock opened at $41.03 on Friday. The company has a 50 day moving average price of $35.08 and a 200 day moving average price of $32.80. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $41.04. The stock has a market capitalization of $3.71 billion, a PE ratio of -38.71, a price-to-earnings-growth ratio of 2.52 and a beta of 0.99.

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. 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 analyst estimates of $601.91 million. As a group, equities analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

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.