Cambridge Investment Research Advisors Inc. lifted its stake in RingCentral, Inc. (NYSE:RNG – Get Rating) by 182.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,814 shares of the software maker’s stock after acquiring an additional 10,852 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in RingCentral were worth $595,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RNG. Pictet Asset Management SA lifted its position in RingCentral by 32.5% during the 3rd quarter. Pictet Asset Management SA now owns 3,297,610 shares of the software maker’s stock worth $131,773,000 after acquiring an additional 808,987 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of RingCentral in the first quarter worth about $83,500,000. First Trust Advisors LP lifted its position in shares of RingCentral by 46.3% during the 3rd quarter. First Trust Advisors LP now owns 1,556,709 shares of the software maker’s stock worth $62,206,000 after purchasing an additional 492,925 shares during the last quarter. Vanguard Group Inc. boosted its stake in RingCentral by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 8,927,410 shares of the software maker’s stock valued at $356,739,000 after purchasing an additional 420,567 shares during the period. Finally, Korea Investment CORP grew its holdings in RingCentral by 211.8% in the 3rd quarter. Korea Investment CORP now owns 567,750 shares of the software maker’s stock valued at $22,687,000 after buying an additional 385,650 shares during the last quarter. 88.09% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on RNG. Rosenblatt Securities began coverage on RingCentral in a research report on Thursday, March 23rd. They issued a “buy” rating and a $35.00 price objective for the company. Jefferies Financial Group decreased their price target on shares of RingCentral from $50.00 to $45.00 in a research report on Friday, February 24th. Oppenheimer restated a “market perform” rating on shares of RingCentral in a report on Friday, March 17th. The Goldman Sachs Group cut shares of RingCentral from a “buy” rating to a “neutral” rating and reduced their target price for the company from $52.00 to $37.00 in a research note on Thursday, May 11th. Finally, Truist Financial cut their price target on RingCentral from $55.00 to $45.00 in a report on Thursday, May 11th. Eleven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral has an average rating of “Moderate Buy” and a consensus price target of $47.39.
RingCentral Price Performance
Insider Activity at RingCentral
In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 4,250 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $27.24, for a total transaction of $115,770.00. Following the sale, the chief financial officer now owns 129,005 shares of the company’s stock, valued at approximately $3,514,096.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 6.49% of the stock is currently owned by company insiders.
RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.
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