Versant Capital Management Inc Boosts Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Versant Capital Management Inc grew its position in shares of RingCentral, Inc. (NYSE:RNG) by 138.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,144 shares of the software maker’s stock after buying an additional 664 shares during the period. Versant Capital Management Inc’s holdings in RingCentral were worth $32,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNG. GAMMA Investing LLC purchased a new stake in shares of RingCentral during the fourth quarter worth $26,000. Hexagon Capital Partners LLC grew its holdings in shares of RingCentral by 116.8% during the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after buying an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in shares of RingCentral during the 4th quarter valued at about $33,000. Nisa Investment Advisors LLC boosted its position in shares of RingCentral by 100.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after acquiring an additional 500 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its position in shares of RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after acquiring an additional 977 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RNG. Piper Sandler lowered their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Morgan Stanley lowered their price target on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday. Northland Securities boosted their price target on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Rosenblatt Securities raised shares of RingCentral from a “neutral” rating to a “buy” rating and upped their target price for the company from $35.00 to $45.00 in a research report on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, RingCentral presently has a consensus rating of “Moderate Buy” and an average target price of $40.50.

RingCentral Trading Up 1.7 %

Shares of RingCentral stock traded up $0.56 during trading on Wednesday, reaching $34.35. The company’s stock had a trading volume of 145,724 shares, compared to its average volume of 1,177,118. The company has a 50-day moving average price of $31.29 and a two-hundred day moving average price of $32.66. The firm has a market cap of $3.17 billion, a PE ratio of -22.69, a P/E/G ratio of 3.02 and a beta of 1.03. RingCentral, Inc. has a fifty-two week low of $25.08 and a fifty-two week high of $38.35.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analysts’ expectations of $586.39 million. During the same quarter last year, the business earned ($0.03) earnings per share. The business’s quarterly revenue was up 9.9% on a year-over-year basis. On average, analysts predict that RingCentral, Inc. will post 0.54 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the sale, the chief financial officer now directly owns 388,919 shares in the company, valued at approximately $13,553,827.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the sale, the chief financial officer now directly owns 388,919 shares in the company, valued at approximately $13,553,827.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction on Monday, July 1st. The stock was sold at an average price of $28.20, for a total value of $55,977.00. Following the transaction, the chief financial officer now directly owns 156,799 shares of the company’s stock, valued at approximately $4,421,731.80. The disclosure for this sale can be found here. Insiders have sold a total of 21,869 shares of company stock worth $762,165 in the last three months. Insiders own 6.76% 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.