Versor Investments LP Takes Position in Ringcentral, Inc. $RNG

Versor Investments LP bought a new stake in Ringcentral, Inc. (NYSE:RNG) in the 3rd quarter, Holdings Channel.com reports. The firm bought 20,800 shares of the software maker’s stock, valued at approximately $589,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Empowered Funds LLC raised its stake in Ringcentral by 9.0% in the first quarter. Empowered Funds LLC now owns 11,417 shares of the software maker’s stock valued at $283,000 after buying an additional 940 shares during the period. Woodline Partners LP increased its holdings in shares of Ringcentral by 14.8% during the 1st quarter. Woodline Partners LP now owns 159,474 shares of the software maker’s stock worth $3,949,000 after acquiring an additional 20,518 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Ringcentral by 2.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,190 shares of the software maker’s stock valued at $6,467,000 after acquiring an additional 5,398 shares during the period. KLP Kapitalforvaltning AS lifted its holdings in Ringcentral by 4.6% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the software maker’s stock valued at $448,000 after purchasing an additional 700 shares during the last quarter. Finally, CWM LLC boosted its position in Ringcentral by 290.8% during the second quarter. CWM LLC now owns 9,019 shares of the software maker’s stock worth $256,000 after purchasing an additional 6,711 shares during the period. Institutional investors own 98.61% of the company’s stock.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 14,971 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $25.96, for a total transaction of $388,647.16. Following the completion of the sale, the chief financial officer directly owned 165,593 shares in the company, valued at approximately $4,298,794.28. This represents a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Tarun Arora sold 3,888 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $28.70, for a total value of $111,585.60. Following the sale, the chief accounting officer directly owned 93,412 shares in the company, valued at approximately $2,680,924.40. This trade represents a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 114,956 shares of company stock valued at $3,139,914. 7.30% of the stock is currently owned by corporate insiders.

Ringcentral Stock Down 3.1%

Shares of NYSE:RNG opened at $28.02 on Thursday. Ringcentral, Inc. has a 12-month low of $20.58 and a 12-month high of $35.25. The company’s 50 day moving average price is $28.29 and its two-hundred day moving average price is $28.63. The firm has a market cap of $2.43 billion, a PE ratio of 200.13, a PEG ratio of 1.19 and a beta of 1.23.

Wall Street Analyst Weigh In

RNG has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 29th. Morgan Stanley decreased their price target on shares of Ringcentral from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 15th. Zacks Research downgraded shares of Ringcentral from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $32.00 target price on shares of Ringcentral in a research report on Tuesday, November 4th. Finally, Needham & Company LLC reissued a “buy” rating and set a $36.00 price target on shares of Ringcentral in a report on Tuesday, November 4th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $31.46.

Ringcentral Company Profile

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.