Landscape Capital Management L.L.C. bought a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 21,629 shares of the software maker's stock, valued at approximately $684,000.
A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker's stock worth $378,998,000 after purchasing an additional 538,325 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of RingCentral by 25.2% during the second 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 in the last quarter. Cubist Systematic Strategies LLC increased its position 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 acquiring an additional 234,238 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in RingCentral by 163.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker's stock valued at $10,804,000 after acquiring an additional 192,766 shares in the last quarter. Finally, Jupiter Asset Management Ltd. lifted its position in RingCentral by 404.2% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker's stock valued at $6,181,000 after acquiring an additional 175,715 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.
In other RingCentral news, CEO Vladimir Shmunis sold 66,451 shares of the company's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $2,323,126.96. Following the transaction, the chief executive officer now directly owns 479,468 shares of the company's stock, valued at $16,762,201.28. This represents a 12.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 10,184 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.97, for a total value of $356,134.48. Following the transaction, the chief financial officer now owns 116,306 shares in the company, valued at $4,067,220.82. The trade was a 8.05 % 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. 6.76% of the stock is currently owned by company insiders.
RNG opened at $36.91 on Friday. The stock has a market cap of $3.34 billion, a price-to-earnings ratio of -34.82, a PEG ratio of 2.21 and a beta of 0.99. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $40.98. The business has a 50 day moving average of $33.47 and a 200-day moving average of $32.65.
RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current year.
Several analysts have issued reports on the company. StockNews.com raised RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, November 11th. Wells Fargo & Company lifted their target price on RingCentral from $28.00 to $35.00 and gave the company an "equal weight" rating in a research report on Friday, August 2nd. Wedbush upped their price target on RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Needham & Company LLC reiterated a "buy" rating and issued a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of RingCentral from $42.00 to $45.00 and gave the stock a "buy" rating in a research report on Tuesday, August 6th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $40.73.
Read Our Latest Stock Analysis on RNG
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider RingCentral, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and RingCentral wasn't on the list.
While RingCentral currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.