Hillsdale Investment Management Inc. Acquires 1,800 Shares of RingCentral, Inc. (NYSE:RNG)

Hillsdale Investment Management Inc. boosted its holdings in RingCentral, Inc. (NYSE:RNG) by 1.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 154,350 shares of the software maker’s stock after purchasing an additional 1,800 shares during the period. Hillsdale Investment Management Inc.’s holdings in RingCentral were worth $5,404,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RNG. Quarry LP raised its stake in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after acquiring an additional 982 shares during the last quarter. KBC Group NV raised its stake in shares of 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 acquiring an additional 744 shares during the last quarter. Venturi Wealth Management LLC raised its stake in shares of RingCentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock valued at $101,000 after acquiring an additional 1,028 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of RingCentral during the fourth quarter valued at about $173,000. Finally, Point72 DIFC Ltd raised its stake in shares of RingCentral by 301.1% during the third quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock valued at $175,000 after acquiring an additional 4,155 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RNG has been the subject of several recent analyst reports. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Barclays lowered their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Rosenblatt Securities reduced their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Mizuho decreased their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. Finally, Morgan Stanley increased their price target on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $37.69.

RingCentral Stock Performance

Shares of NYSE RNG opened at $26.89 on Friday. RingCentral, Inc. has a fifty-two week low of $26.22 and a fifty-two week high of $42.19. The company has a 50 day simple moving average of $31.41 and a two-hundred day simple moving average of $33.46. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -42.01, a P/E/G ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. On average, analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In related news, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the sale, the chief executive officer now directly owns 568,300 shares of the company’s stock, valued at $16,384,089. This trade represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 over the last 90 days. Corporate insiders own 6.97% of the company’s stock.

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.