Tempus Wealth Planning LLC Purchases New Holdings in Ringcentral, Inc. (NYSE:RNG)

Key Points

• Tempus Wealth Planning LLC has acquired a new stake in RingCentral, Inc., purchasing 13,877 shares valued at approximately $344,000 during the first quarter.
• Approximately 98.61% of RingCentral's stock is owned by institutional investors and hedge funds, indicating strong institutional confidence in the company.
• RingCentral's stock recently opened at $26.70, with a one-year low of $20.58 and a high of $42.19, reflecting significant market fluctuations.

Tempus Wealth Planning 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 13F filing with the Securities and Exchange Commission. The institutional investor purchased 13,877 shares of the software maker's stock, valued at approximately $344,000.

Other institutional investors have also bought and sold shares of the company. Sei Investments Co. boosted its holdings in Ringcentral by 6.7% during the fourth quarter. Sei Investments Co. now owns 128,392 shares of the software maker's stock worth $4,495,000 after buying an additional 8,102 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Ringcentral in the 4th quarter worth about $529,000. LPL Financial LLC increased its stake in Ringcentral by 19.7% during the 4th quarter. LPL Financial LLC now owns 68,429 shares of the software maker's stock valued at $2,396,000 after buying an additional 11,270 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of 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 acquiring an additional 468 shares during the period. Finally, Norges Bank bought a new position in shares of Ringcentral in the fourth quarter valued at approximately $11,554,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RNG has been the topic of several recent analyst reports. KeyCorp began coverage on shares of Ringcentral in a research note on Friday, June 6th. They issued a "sector weight" rating on the stock. Wells Fargo & Company cut 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. Needham & Company LLC started coverage on Ringcentral in a research report on Friday, May 9th. They issued a "buy" rating and a $36.00 price target on the stock. Raymond James Financial decreased their target price on Ringcentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $32.00 price target on shares of Ringcentral in a research note on Monday, May 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $33.08.

Ringcentral Stock Down 3.8%

NYSE RNG traded down $1.05 during trading on Tuesday, hitting $26.23. 364,435 shares of the stock traded hands, compared to its average volume of 1,369,979. The company has a market capitalization of $2.36 billion, a P/E ratio of -59.70, a price-to-earnings-growth ratio of 0.86 and a beta of 1.29. Ringcentral, Inc. has a 12-month low of $20.58 and a 12-month high of $42.19. The firm has a 50-day simple moving average of $27.25 and a 200-day simple moving average of $28.05.

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 for the quarter, beating the consensus estimate of $0.96 by $0.04. Ringcentral had a negative return on equity of 15.63% and a negative net margin of 1.65%. The business had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. During the same quarter in the previous year, the business earned $0.87 EPS. The company's quarterly revenue was up 4.8% compared to the same quarter last year. As a group, research analysts predict that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling at Ringcentral

In other news, CFO Vaibhav Agarwal sold 14,969 shares of Ringcentral stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $26.88, for a total transaction of $402,366.72. Following the sale, the chief financial officer owned 153,900 shares in the company, valued at approximately $4,136,832. The trade was a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 94,956 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $2,522,031.36. Following the sale, the chief executive officer directly owned 607,719 shares in the company, valued at $16,141,016.64. This trade represents a 13.51% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 244,647 shares of company stock valued at $6,531,804. Corporate insiders own 6.97% of the company's stock.

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.