Centiva Capital LP Buys 2,858 Shares of RingCentral, Inc. (NYSE:RNG)

Centiva Capital LP increased its stake in RingCentral, Inc. (NYSE:RNG) by 22.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,629 shares of the software maker’s stock after buying an additional 2,858 shares during the quarter. Centiva Capital LP’s holdings in RingCentral were worth $547,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Sovereign Financial Group Inc. lifted its holdings in shares of RingCentral by 4.0% in the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after acquiring an additional 386 shares during the last quarter. Gagnon Securities LLC lifted its stake in RingCentral by 5.6% in the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after purchasing an additional 407 shares during the last quarter. Xponance Inc. boosted its position in shares of RingCentral by 4.2% during 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 period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of RingCentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after buying an additional 468 shares during the last quarter. Finally, Private Advisor Group LLC raised its holdings in shares of RingCentral by 9.6% in the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock worth $311,000 after buying an additional 777 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on RNG shares. Piper Sandler upped their price objective on RingCentral from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday. Rosenblatt Securities cut their price target on shares of RingCentral from $40.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, May 5th. Wedbush dropped their target price on shares of RingCentral from $38.00 to $30.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, UBS Group lowered their price target on RingCentral from $38.00 to $33.00 and set a “neutral” rating for the company in a report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral has an average rating of “Hold” and a consensus target price of $32.62.

RingCentral Trading Up 4.1 %

Shares of NYSE:RNG opened at $27.77 on Friday. The company has a market capitalization of $2.52 billion, a PE ratio of -43.39, a P/E/G ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19. The business’s fifty day simple moving average is $25.27 and its 200-day simple moving average is $31.86.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.04. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same period in the previous year, the company posted $0.87 earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis. Research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Activity at RingCentral

In related news, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the sale, the senior vice president now directly owns 348,599 shares in the company, valued at $10,046,623.18. This trade represents a 6.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the transaction, the chief executive officer now owns 444,740 shares in the company, valued at $12,701,774.40. The trade was a 21.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 over the last 90 days. Insiders own 6.97% of the company’s stock.

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.