Lecap Asset Management Ltd. Raises Position in RingCentral, Inc. (NYSE:RNG)

Lecap Asset Management Ltd. raised its position in shares of RingCentral, Inc. (NYSE:RNG) by 3.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,325 shares of the software maker’s stock after acquiring an additional 1,001 shares during the quarter. Lecap Asset Management Ltd.’s holdings in RingCentral were worth $968,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RNG. GAMMA Investing LLC bought a new position in shares of RingCentral in the 4th quarter worth about $26,000. Hexagon Capital Partners LLC increased its stake 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 valued at $32,000 after purchasing an additional 501 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new stake in shares of RingCentral in the 4th quarter worth approximately $33,000. Finally, Nisa Investment Advisors LLC grew its stake in shares of RingCentral by 100.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction dated 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 in the company, valued at $4,421,731.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00. Following the sale, the chief financial officer now owns 156,799 shares in the company, valued at $4,421,731.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. Insiders have sold 20,647 shares of company stock worth $686,285 in the last three months. Company insiders own 6.76% of the company’s stock.

RingCentral Trading Down 1.6 %

RingCentral stock traded down $0.53 during trading on Wednesday, reaching $32.96. The company had a trading volume of 1,890,428 shares, compared to its average volume of 1,178,771. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of -21.72, a price-to-earnings-growth ratio of 2.58 and a beta of 1.03. The firm’s 50-day simple moving average is $31.05 and its 200 day simple moving average is $32.53. RingCentral, Inc. has a 52 week low of $25.08 and a 52 week high of $38.35.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period last year, the business earned ($0.03) EPS. On average, analysts predict that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on RNG shares. Wells Fargo & Company lifted their price objective on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Wedbush restated a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a research note on Thursday, May 9th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, August 5th. UBS Group raised their price target on shares of RingCentral from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Finally, Piper Sandler lowered their price objective on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, RingCentral presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.07.

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.