446,148 Shares in RingCentral, Inc. $RNG Purchased by AEGON ASSET MANAGEMENT UK Plc

AEGON ASSET MANAGEMENT UK Plc bought a new position in RingCentral, Inc. (NYSE:RNG - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 446,148 shares of the software maker's stock, valued at approximately $33,327,000. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.53% of RingCentral at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RNG. Fortitude Family Office LLC boosted its position in shares of RingCentral by 128.1% in the third quarter. Fortitude Family Office LLC now owns 349 shares of the software maker's stock worth $26,000 after purchasing an additional 196 shares during the period. Elevation Wealth Partners LLC raised its position in shares of RingCentral by 119.3% during the 3rd quarter. Elevation Wealth Partners LLC now owns 546 shares of the software maker's stock valued at $41,000 after purchasing an additional 297 shares during the period. WealthCollab LLC lifted its stake in shares of RingCentral by 59.7% during the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker's stock valued at $26,000 after buying an additional 259 shares in the last quarter. Meeder Asset Management Inc. lifted its stake in shares of RingCentral by 127.3% during the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker's stock valued at $27,000 after buying an additional 410 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its stake in shares of RingCentral by 70.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker's stock valued at $30,000 after buying an additional 424 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

RingCentral Stock Performance

RNG opened at $72.89 on Tuesday. The stock has a market capitalization of $6.16 billion, a price-to-earnings ratio of 9.64, a PEG ratio of 1.32 and a beta of 1.05. The company has a fifty day moving average of $76.77 and a 200 day moving average of $50.59. RingCentral, Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $98.14.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The software maker reported $1.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.05. RingCentral had a net margin of 25.27% and a negative return on equity of 50.15%. The company had revenue of $676.04 million for the quarter, compared to the consensus estimate of $667.30 million. During the same period in the previous year, the firm posted $1.13 EPS. RingCentral's revenue for the quarter was up 5.8% compared to the same quarter last year. On average, equities research analysts forecast that RingCentral, Inc. will post 2.96 earnings per share for the current year.

RingCentral Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, November 6th will be issued a dividend of $0.1250 per share. This represents a $0.50 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, November 6th. RingCentral's dividend payout ratio (DPR) is currently 6.61%.

Wall Street Analysts Forecast Growth

• It's RingCentral NYSE: RNG You Want In Your 2021 Portfolio, Not Zoom NASDAQ: ZM

RNG has been the subject of several recent analyst reports. Mizuho set a $85.00 target price on shares of RingCentral in a report on Friday, October 23rd. Morgan Stanley raised their price target on RingCentral from $41.00 to $91.00 and gave the company an "equal weight" rating in a report on Friday, October 23rd. Royal Bank Of Canada initiated coverage on RingCentral in a research report on Thursday, September 3rd. They issued an "outperform" rating and a $85.00 price objective on the stock. Evercore set a $90.00 price objective on RingCentral in a research report on Friday, October 23rd. Finally, UBS Group set a $91.00 price objective on RingCentral in a research note on Friday, October 23rd. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $93.92.

Insiders Place Their Bets

In other RingCentral news, COO Kira Makagon sold 36,185 shares of RingCentral stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $70.11, for a total value of $2,536,930.35. Following the sale, the chief operating officer owned 245,385 shares of the company's stock, valued at $17,203,942.35. The trade was a 12.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy Shenkan sold 1,264 shares of the company's stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $78.89, for a total value of $99,716.96. Following the sale, the director directly owned 28,108 shares in the company, valued at $2,217,440.12. This trade represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 84,625 shares of company stock worth $6,024,953. Insiders own 7.30% of the company's stock.

About RingCentral

RingCentral, Inc provides cloud-based communications and collaboration services for businesses. Its offerings combine business phone service, video meetings, team messaging and related tools in a unified communications platform.

The company also offers contact center services that help organizations manage customer interactions across channels, along with integrations with business software. Its services are delivered to organizations in multiple countries and regions.

RingCentral was founded in 1999 by Vlad Shmunis, who serves as the company's founder, chairman and chief executive officer.

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