Oak Thistle LLC Buys 28,959 Shares of Ringcentral, Inc. (NYSE:RNG)

Oak Thistle LLC lifted its stake in shares of Ringcentral, Inc. (NYSE:RNG) by 186.7% during the first quarter, Holdings Channel.com reports. The firm owned 44,466 shares of the software maker’s stock after buying an additional 28,959 shares during the period. Oak Thistle LLC’s holdings in Ringcentral were worth $1,101,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Capital World Investors grew its stake in Ringcentral by 5.9% in the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after acquiring an additional 591,398 shares during the period. Ameriprise Financial Inc. increased its stake in Ringcentral by 2.2% during the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock worth $228,050,000 after purchasing an additional 142,538 shares in the last quarter. First Trust Advisors LP raised its holdings in Ringcentral by 35.6% during the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock worth $70,345,000 after buying an additional 527,901 shares during the period. Renaissance Technologies LLC lifted its stake in Ringcentral by 11.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock valued at $62,853,000 after buying an additional 180,000 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Ringcentral by 24.5% in the fourth quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker’s stock valued at $56,446,000 after buying an additional 317,689 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

Ringcentral Stock Performance

Shares of RNG stock opened at $27.94 on Thursday. The firm has a market cap of $2.51 billion, a P/E ratio of -63.50, a P/E/G ratio of 0.90 and a beta of 1.29. The business’s 50 day moving average price is $27.29 and its 200-day moving average price is $28.28. Ringcentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19.

Ringcentral (NYSE:RNG) last issued its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.04. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The company had revenue of $612.06 million for the quarter, compared to analysts’ expectations of $610.53 million. During the same quarter last year, the company posted $0.87 earnings per share. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. As a group, equities analysts predict that Ringcentral, Inc. will post 1.29 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on RNG. Needham & Company LLC initiated coverage on Ringcentral in a research report on Friday, May 9th. They set a “buy” rating and a $36.00 price target on the stock. Wedbush reduced their target price on shares of Ringcentral from $38.00 to $30.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. UBS Group cut their price objective on shares of Ringcentral from $38.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Piper Sandler raised their target price on shares of Ringcentral from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. Finally, KeyCorp initiated coverage on Ringcentral in a research note on Friday, June 6th. They issued a “sector weight” rating for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Ringcentral currently has a consensus rating of “Hold” and an average price target of $33.08.

Insider Transactions at Ringcentral

In other Ringcentral news, CFO Vaibhav Agarwal sold 14,969 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.88, for a total transaction of $402,366.72. Following the completion of the transaction, the chief financial officer owned 153,900 shares in the company, valued at $4,136,832. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John H. Marlow sold 29,173 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $774,834.88. Following the completion of the sale, the senior vice president owned 352,448 shares in the company, valued at approximately $9,361,018.88. The trade was a 7.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 244,647 shares of company stock valued at $6,531,804. 6.97% of the stock is owned by corporate insiders.

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.