Summit Global Investments Invests $968,000 in RingCentral, Inc. (NYSE:RNG)

Summit Global Investments purchased a new position in shares of RingCentral, Inc. (NYSE:RNG) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 27,647 shares of the software maker’s stock, valued at approximately $968,000.

A number of other large investors have also modified their holdings of the business. Teacher Retirement System of Texas grew its stake in shares of RingCentral by 46.5% during the fourth quarter. Teacher Retirement System of Texas now owns 63,441 shares of the software maker’s stock worth $2,221,000 after acquiring an additional 20,132 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in RingCentral in the fourth quarter valued at approximately $173,000. Xponance Inc. boosted its position in RingCentral by 4.2% in the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after buying an additional 426 shares during the last quarter. Boston Partners boosted its position in RingCentral by 82.9% in the fourth quarter. Boston Partners now owns 51,401 shares of the software maker’s stock valued at $1,800,000 after buying an additional 23,301 shares during the last quarter. Finally, Jupiter Asset Management Ltd. boosted its position in RingCentral by 4.7% in the fourth quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker’s stock valued at $37,067,000 after buying an additional 47,827 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

Shares of RNG stock opened at $26.89 on Friday. The company has a market cap of $2.44 billion, a price-to-earnings ratio of -42.01, a PEG ratio of 1.27 and a beta of 1.20. The stock has a 50 day simple moving average of $31.41 and a 200-day simple moving average of $33.46. RingCentral, Inc. has a 1-year low of $26.22 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. Analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now directly owns 313,510 shares in the company, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the sale, the chief executive officer now owns 568,300 shares of the company’s stock, valued at $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RNG. Robert W. Baird dropped their target price on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Piper Sandler dropped their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday, February 21st. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, March 17th. Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Finally, Barclays decreased their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $37.69.

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.