Alaska Permanent Fund Corp Has $2.44 Million Stock Position in RingCentral, Inc. (NYSE:RNG)

Alaska Permanent Fund Corp grew its position in RingCentral, Inc. (NYSE:RNG) by 1.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 71,922 shares of the software maker’s stock after purchasing an additional 1,122 shares during the period. Alaska Permanent Fund Corp owned about 0.08% of RingCentral worth $2,442,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of RNG. GAMMA Investing LLC bought a new stake in shares of RingCentral during the 4th quarter worth about $26,000. Tennessee Valley Asset Management Partners bought a new stake in RingCentral during the 4th quarter valued at approximately $33,000. Nisa Investment Advisors LLC boosted its stake in 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 purchasing an additional 500 shares during the period. Neo Ivy Capital Management bought a new stake in RingCentral during the 3rd quarter valued at approximately $53,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in RingCentral during the 3rd quarter valued at approximately $92,000. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Stock Down 1.8 %

Shares of NYSE:RNG traded down $0.56 during midday trading on Thursday, hitting $29.73. The company had a trading volume of 59,161 shares, compared to its average volume of 1,145,774. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $43.28. The firm has a fifty day simple moving average of $33.02 and a 200 day simple moving average of $31.84.

RingCentral (NYSE:RNG) last posted its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. Equities research analysts expect that RingCentral, Inc. will post 0.45 earnings per share for the current year.

Analyst Ratings Changes

RNG has been the subject of several recent analyst reports. The Goldman Sachs Group decreased their target price on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Piper Sandler decreased their target price on RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Mizuho reduced their price objective on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. KeyCorp reduced their price objective on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, February 21st. Finally, Needham & Company LLC reduced their price objective on RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral presently has an average rating of “Moderate Buy” and an average target price of $38.56.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the transaction, the chief financial officer now directly owns 116,640 shares in the company, valued at $4,063,737.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the sale, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the completion of the sale, the chief financial officer now directly owns 116,640 shares in the company, valued at approximately $4,063,737.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,608 shares of company stock worth $800,974. Corporate insiders own 6.76% 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.