Ringcentral, Inc. (NYSE:RNG) Stake Boosted by Harel Insurance Investments & Financial Services Ltd.

Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 5.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 194,709 shares of the software maker's stock after buying an additional 9,504 shares during the period. Harel Insurance Investments & Financial Services Ltd. owned about 0.21% of Ringcentral worth $4,821,000 at the end of the most recent reporting period.

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

Ringcentral Trading Down 0.9%

NYSE:RNG traded down $0.27 during midday trading on Monday, hitting $29.60. 2,943,583 shares of the stock were exchanged, compared to its average volume of 1,326,440. Ringcentral, Inc. has a one year low of $20.59 and a one year high of $42.19. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of -67.27, a P/E/G ratio of 0.96 and a beta of 1.29. The business has a 50-day moving average price of $27.09 and a two-hundred day moving average price of $28.90.

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

Insider Buying and Selling

In other Ringcentral news, CEO Vladimir Shmunis sold 94,956 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total transaction of $2,522,031.36. Following the sale, the chief executive officer directly owned 607,719 shares of the company's stock, valued at $16,141,016.64. The trade was a 13.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Kira Makagon sold 21,185 shares of the business's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $27.69, for a total transaction of $586,612.65. Following the sale, the chief operating officer directly owned 413,131 shares in the company, valued at approximately $11,439,597.39. This trade represents a 4.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 244,647 shares of company stock valued at $6,531,804 in the last three months. Insiders own 6.97% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on RNG. Rosenblatt Securities reissued a "buy" rating and issued a $32.00 price objective on shares of Ringcentral in a research report on Monday, May 19th. Mizuho boosted their price objective on Ringcentral from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Wells Fargo & Company lowered their price objective on Ringcentral from $30.00 to $22.00 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Wall Street Zen upgraded Ringcentral from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Needham & Company LLC assumed coverage on Ringcentral in a research note on Friday, May 9th. They issued a "buy" rating and a $36.00 target price for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $33.08.

About Ringcentral

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.