MidWestOne Financial Group Inc. Purchases Shares of 6,646 RingCentral, Inc. (NYSE:RNG)

MidWestOne Financial Group Inc. acquired a new position in shares of RingCentral, Inc. (NYSE:RNG) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 6,646 shares of the software maker’s stock, valued at approximately $210,000.

Several other institutional investors have also modified their holdings of the stock. Pacer Advisors Inc. raised its stake in RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after acquiring an additional 822,892 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of RingCentral by 3.5% during the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock worth $45,309,000 after purchasing an additional 54,500 shares during the last quarter. AQR Capital Management LLC increased its position 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 worth $24,706,000 after purchasing an additional 20,666 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of RingCentral by 7.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker’s stock valued at $26,003,000 after purchasing an additional 59,570 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its position in shares of RingCentral by 130.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $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.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RNG. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Wedbush increased their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Piper Sandler raised their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Robert W. Baird upped their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, RingCentral presently has an average rating of “Moderate Buy” and a consensus target price of $40.73.

RingCentral Stock Performance

RNG stock opened at $41.24 on Wednesday. The stock’s 50 day moving average price is $35.49 and its 200 day moving average price is $32.88. The firm has a market cap of $3.73 billion, a P/E ratio of -38.91, a PEG ratio of 2.60 and a beta of 0.99. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, research analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,256,584. This represents a 1.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the transaction, the director now owns 28,690 shares in the company, valued at approximately $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,539 shares of company stock worth $3,687,477. 6.76% of the stock is currently owned by insiders.

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.