RingCentral, Inc. (NYSE:RNG) Shares Bought by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in RingCentral, Inc. (NYSE:RNGGet Rating) by 31.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,627 shares of the software maker’s stock after purchasing an additional 6,638 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in RingCentral were worth $1,104,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. State of New Jersey Common Pension Fund D raised its stake in shares of RingCentral by 9.8% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 53,863 shares of the software maker’s stock valued at $2,152,000 after acquiring an additional 4,826 shares during the period. Heritage Investors Management Corp grew its position in RingCentral by 44.6% during the 3rd quarter. Heritage Investors Management Corp now owns 87,915 shares of the software maker’s stock worth $3,513,000 after purchasing an additional 27,132 shares during the last quarter. Chartwell Investment Partners LLC purchased a new position in RingCentral during the 3rd quarter worth $486,000. Lapides Asset Management LLC grew its position in RingCentral by 28.0% during the 3rd quarter. Lapides Asset Management LLC now owns 41,200 shares of the software maker’s stock worth $1,646,000 after purchasing an additional 9,000 shares during the last quarter. Finally, Wipfli Financial Advisors LLC acquired a new stake in shares of RingCentral in the 3rd quarter worth $45,000. Institutional investors and hedge funds own 88.09% of the company’s stock.

Insider Activity

In related news, CAO John H. Marlow sold 5,911 shares of the company’s stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $35.07, for a total transaction of $207,298.77. Following the sale, the chief accounting officer now owns 193,661 shares in the company, valued at approximately $6,791,691.27. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO John H. Marlow sold 5,911 shares of the firm’s stock in a transaction that occurred on Monday, November 28th. The stock was sold at an average price of $35.07, for a total value of $207,298.77. Following the transaction, the chief accounting officer now owns 193,661 shares in the company, valued at $6,791,691.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO John H. Marlow sold 835 shares of the stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $34.96, for a total value of $29,191.60. Following the sale, the chief accounting officer now directly owns 193,661 shares of the company’s stock, valued at $6,770,388.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,904 shares of company stock valued at $2,131,454. Company insiders own 6.49% of the company’s stock.

RingCentral Price Performance

RNG opened at $36.39 on Friday. The business has a fifty day simple moving average of $36.22 and a 200 day simple moving average of $40.91. The company has a market capitalization of $3.49 billion, a PE ratio of -4.83 and a beta of 0.88. RingCentral, Inc. has a 1 year low of $28.00 and a 1 year high of $179.16.

RingCentral (NYSE:RNGGet Rating) last posted its quarterly earnings results on Wednesday, November 9th. The software maker reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). RingCentral had a negative return on equity of 765.97% and a negative net margin of 37.31%. The business had revenue of $509.03 million for the quarter, compared to analyst estimates of $502.93 million. Equities analysts anticipate that RingCentral, Inc. will post -1.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of RingCentral from $70.00 to $50.00 in a report on Thursday, November 10th. Barclays reduced their target price on shares of RingCentral from $90.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, November 10th. StockNews.com upgraded shares of RingCentral from a “sell” rating to a “hold” rating in a research note on Tuesday, January 10th. Oppenheimer dropped their price target on shares of RingCentral to $40.00 in a research note on Tuesday, November 15th. Finally, Piper Sandler lowered shares of RingCentral from an “overweight” rating to a “neutral” rating and set a $39.00 target price for the company. in a research note on Tuesday, January 17th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.75.

About RingCentral

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RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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