GAMMA Investing LLC Takes Position in RingCentral, Inc. (NYSE:RNG)

GAMMA Investing LLC purchased a new position in shares of RingCentral, Inc. (NYSE:RNG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 761 shares of the software maker’s stock, valued at approximately $26,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners acquired a new stake in shares of RingCentral during the 4th quarter valued at $33,000. Nisa Investment Advisors LLC boosted its position in RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after purchasing an additional 500 shares during the last quarter. Neo Ivy Capital Management purchased a new position in RingCentral in the third quarter valued at about $53,000. DekaBank Deutsche Girozentrale acquired a new position in RingCentral in the 3rd quarter worth about $92,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of RingCentral by 60.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,982 shares of the software maker’s stock worth $118,000 after purchasing an additional 1,500 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at RingCentral

In related news, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction dated 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 transaction, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Vaibhav Agarwal sold 1,984 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $34.55, for a total transaction of $68,547.20. Following the completion of the sale, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated 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 transaction, the director now directly 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 three months, insiders sold 23,608 shares of company stock valued at $800,974. Company insiders own 6.76% of the company’s stock.

RingCentral Stock Down 1.0 %

Shares of RNG opened at $30.00 on Wednesday. The stock’s 50-day moving average price is $32.80 and its 200 day moving average price is $31.90. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $43.28. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -17.14, a P/E/G ratio of 3.24 and a beta of 0.94.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wedbush restated a “neutral” rating and issued a $40.00 price objective on shares of RingCentral in a report on Friday, February 16th. Mizuho reduced their price objective on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. KeyCorp cut their target price on RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, February 21st. Needham & Company LLC decreased their price target on RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Finally, Piper Sandler cut their price objective on RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral currently has an average rating of “Moderate Buy” and a consensus target price of $38.56.

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.