Janus Henderson Group PLC Raises Holdings in RingCentral, Inc. (NYSE:RNG)

Janus Henderson Group PLC grew its stake in RingCentral, Inc. (NYSE:RNG) by 5.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,009 shares of the software maker’s stock after acquiring an additional 2,097 shares during the quarter. Janus Henderson Group PLC’s holdings in RingCentral were worth $1,265,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC grew its holdings in RingCentral by 14.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 57,628 shares of the software maker’s stock valued at $1,625,000 after buying an additional 7,251 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new position in RingCentral during the second quarter worth approximately $2,476,000. Lecap Asset Management Ltd. raised its stake in RingCentral by 3.0% during the second quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker’s stock worth $968,000 after purchasing an additional 1,001 shares during the period. Panagora Asset Management Inc. acquired a new stake in RingCentral during the second quarter worth about $1,859,000. Finally, Commonwealth Equity Services LLC raised its holdings in shares of RingCentral by 19.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker’s stock worth $236,000 after purchasing an additional 1,366 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Activity

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. The trade was a 1.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the sale, the chief executive officer now directly owns 479,468 shares of the company’s stock, valued at $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,173 shares of company stock worth $4,175,376. 6.76% of the stock is owned by corporate insiders.

RingCentral Stock Down 5.6 %

Shares of RingCentral stock opened at $39.05 on Friday. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $42.19. The firm has a market capitalization of $3.53 billion, a PE ratio of -36.84, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. The stock’s fifty day moving average is $36.07 and its 200-day moving average is $33.03.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The business had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. Analysts expect that RingCentral, Inc. will post 0.84 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Rosenblatt Securities restated a “buy” rating and issued a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Mizuho reiterated a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a research note on Friday. Piper Sandler raised their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Finally, StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $41.43.

RingCentral Company 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.