Ringcentral, Inc. (NYSE:RNG) Shares Acquired by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management Ltd. increased its holdings in Ringcentral, Inc. by 29.0%, owning approximately 1.51% of the company valued at $33.8 million after acquiring an additional 306,971 shares in the 1st quarter.
• Insider sales included CAO Tarun Arora and CEO Vladimir Shmunis, who sold 7,776 and 94,956 shares respectively, indicating a 6.36% and 13.51% decrease in their ownership.
• Recent analyst ratings on Ringcentral show a mix of opinions: while Wedbush cut its price target to $30.00, Needham & Company initiated coverage with a "buy" rating and a target of $36.00.

Jupiter Asset Management Ltd. raised its holdings in Ringcentral, Inc. (NYSE:RNG - Free Report) by 29.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,365,724 shares of the software maker's stock after buying an additional 306,971 shares during the quarter. Jupiter Asset Management Ltd. owned 1.51% of Ringcentral worth $33,815,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in RNG. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Ringcentral in the fourth quarter worth $49,000. Quarry LP increased its holdings in shares of Ringcentral by 84.1% in the fourth quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after acquiring an additional 1,599 shares in the last quarter. GAMMA Investing LLC grew 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 buying an additional 5,536 shares in the last quarter. Bayforest Capital Ltd bought a new position in shares of Ringcentral during the first quarter worth about $145,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Ringcentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after purchasing an additional 468 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Ringcentral Stock Performance

Shares of NYSE RNG traded up $6.39 during trading on Wednesday, reaching $30.01. The stock had a trading volume of 5,521,149 shares, compared to its average volume of 1,411,820. The business's 50-day moving average price is $27.07 and its 200-day moving average price is $27.74. Ringcentral, Inc. has a fifty-two week low of $20.58 and a fifty-two week high of $42.19. The company has a market cap of $2.70 billion, a P/E ratio of -68.19, a PEG ratio of 0.76 and a beta of 1.28.

Ringcentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.04. The business had revenue of $620.40 million during the quarter, compared to analysts' expectations of $617.90 million. Ringcentral had a negative return on equity of 15.63% and a negative net margin of 1.65%. The business's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 EPS. Analysts forecast that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Activity

In other Ringcentral news, COO Kira Makagon sold 21,185 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $27.69, for a total value of $586,612.65. Following the completion of the sale, the chief operating officer 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Tarun Arora sold 7,776 shares of the firm's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $28.00, for a total value of $217,728.00. Following the transaction, the chief accounting officer directly owned 114,497 shares in the company, valued at approximately $3,205,916. This represents a 6.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 244,647 shares of company stock worth $6,531,804 over the last ninety days. 6.97% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on RNG. Wedbush reduced their price objective on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. UBS Group lowered their target price on Ringcentral from $33.00 to $32.00 and set a "neutral" rating for the company in a report on Wednesday. Wall Street Zen upgraded shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. Mizuho upped their price objective on shares of Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. Finally, Jefferies Financial Group cut their target price on Ringcentral from $30.00 to $29.00 and set a "hold" rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Ringcentral presently has an average rating of "Hold" and a consensus target price of $31.64.

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.