Tennessee Valley Asset Management Partners Makes New $33,000 Investment in RingCentral, Inc. (NYSE:RNG)

Tennessee Valley Asset Management Partners acquired a new position in RingCentral, Inc. (NYSE:RNG) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 972 shares of the software maker’s stock, valued at approximately $33,000.

Other hedge funds have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its position in RingCentral by 100.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 shares during the period. Neo Ivy Capital Management bought a new stake in RingCentral in the third quarter worth about $53,000. DekaBank Deutsche Girozentrale bought a new stake in RingCentral in the third quarter worth about $92,000. IFP Advisors Inc raised its position in shares of RingCentral by 36.1% in the third quarter. IFP Advisors Inc now owns 3,206 shares of the software maker’s stock valued at $95,000 after purchasing an additional 850 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of RingCentral by 60.4% in the third quarter. PNC Financial Services Group Inc. now owns 3,982 shares of the software maker’s stock valued at $118,000 after purchasing an additional 1,500 shares during the period. Institutional investors own 98.61% of the company’s stock.

Insider Activity

In other news, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Vaibhav Agarwal sold 14,113 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $34.84, for a total transaction of $491,696.92. Following the completion of the sale, the chief financial officer now directly owns 116,640 shares in the company, valued at approximately $4,063,737.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,608 shares of company stock valued at $800,974. Corporate insiders own 6.76% of the company’s stock.

RingCentral Price Performance

RNG stock opened at $30.54 on Wednesday. RingCentral, Inc. has a one year low of $25.08 and a one year high of $43.28. The stock has a market cap of $2.82 billion, a PE ratio of -17.45, a P/E/G ratio of 3.12 and a beta of 0.92. The firm has a 50 day simple moving average of $33.02 and a two-hundred day simple moving average of $31.84.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. On average, research analysts expect that RingCentral, Inc. will post 0.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on RNG shares. Wedbush reissued a “neutral” rating and issued a $40.00 price target on shares of RingCentral in a research report on Friday, February 16th. Piper Sandler lowered their price target on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 21st. Needham & Company LLC lowered their price target on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. Wells Fargo & Company lowered their price target on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 21st. Finally, Mizuho lowered their price target on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $38.56.

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.