Savant Capital LLC Invests $258,000 in RingCentral, Inc. (NYSE:RNG)

Savant Capital LLC bought a new stake in shares of RingCentral, Inc. (NYSE:RNG) during the fourth quarter, Holdings Channel reports. The institutional investor bought 7,362 shares of the software maker’s stock, valued at approximately $258,000.

Several other large investors also recently made changes to their positions in RNG. Hennessy Advisors Inc. bought a new stake in RingCentral during the 4th quarter valued at $59,055,000. Pacer Advisors Inc. lifted its position in shares of RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares in the last quarter. Foundry Partners LLC purchased a new position in RingCentral during the third quarter worth about $8,886,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of RingCentral by 65.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after buying an additional 151,433 shares in the last quarter. Finally, Algert Global LLC grew its holdings in shares of RingCentral by 80.8% in the third quarter. Algert Global LLC now owns 317,734 shares of the software maker’s stock valued at $10,050,000 after acquiring an additional 141,999 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of RingCentral stock in a transaction that occurred 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 directly owns 116,306 shares of the company’s stock, valued at $4,067,220.82. The trade was a 8.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 66,451 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the sale, the chief executive officer now owns 479,468 shares of the company’s stock, valued at $16,762,201.28. The trade was a 12.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,010 shares of company stock worth $4,036,229. 6.97% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on RNG shares. Piper Sandler lifted their price target on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Barclays downgraded shares of RingCentral from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $45.00 to $37.00 in a report on Monday, January 27th. Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 target price (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Morgan Stanley increased their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Finally, StockNews.com cut RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $40.60.

RingCentral Trading Up 0.1 %

RNG stock opened at $33.78 on Wednesday. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $42.19. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of -31.86, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01. The company’s 50 day moving average is $35.44 and its 200 day moving average is $34.33.

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.