Goodman Advisory Group LLC Buys New Position in Ringcentral, Inc. (NYSE:RNG)

Goodman Advisory Group LLC purchased a new position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,203 shares of the software maker's stock, valued at approximately $302,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Ringcentral during the 4th quarter worth approximately $49,000. Quarry LP increased its position in shares of Ringcentral by 84.1% during the fourth quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after acquiring an additional 1,599 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Ringcentral by 1,803.3% during the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock valued at $145,000 after acquiring an additional 5,536 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new stake in Ringcentral during the fourth quarter worth $173,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Ringcentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after purchasing an additional 468 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Ringcentral

In related news, COO Kira Makagon sold 21,185 shares of the company's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $27.69, for a total value of $586,612.65. Following the completion of the transaction, the chief operating officer directly owned 413,131 shares in the company, valued at approximately $11,439,597.39. The trade was a 4.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 14,969 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $26.88, for a total value of $402,366.72. Following the transaction, the chief financial officer directly owned 153,900 shares in the company, valued at approximately $4,136,832. This represents a 8.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 244,647 shares of company stock worth $6,531,804. Company insiders own 6.97% of the company's stock.

Ringcentral Stock Performance

Ringcentral stock traded up $0.26 during midday trading on Wednesday, hitting $29.50. 1,456,565 shares of the company's stock were exchanged, compared to its average volume of 1,319,637. The company has a market cap of $2.65 billion, a P/E ratio of -67.05, a PEG ratio of 0.91 and a beta of 1.29. The stock has a 50-day moving average price of $26.68 and a two-hundred day moving average price of $29.20. Ringcentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.96 by $0.04. The firm had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. Ringcentral had a negative return on equity of 15.63% and a negative net margin of 1.65%. The company's revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the company posted $0.87 EPS. As a group, sell-side analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wedbush decreased their target price on Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Wells Fargo & Company lowered their price target on shares of Ringcentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC started coverage on Ringcentral in a report on Friday, May 9th. They set a "buy" rating and a $36.00 price objective for the company. Morgan Stanley decreased their target price on Ringcentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Finally, Piper Sandler upped their price target on Ringcentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $33.08.

Ringcentral 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.