Versor Investments LP Makes New Investment in Ringcentral, Inc. $RNG

Versor Investments LP bought a new stake in Ringcentral, Inc. (NYSE:RNG) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 20,800 shares of the software maker’s stock, valued at approximately $589,000.

Other hedge funds also recently modified their holdings of the company. Global Retirement Partners LLC lifted its holdings in shares of Ringcentral by 98.5% during the 3rd quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock valued at $26,000 after purchasing an additional 447 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Ringcentral by 61.6% in the third quarter. Jones Financial Companies Lllp now owns 1,217 shares of the software maker’s stock valued at $37,000 after buying an additional 464 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Ringcentral by 103.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,823 shares of the software maker’s stock valued at $52,000 after buying an additional 925 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Ringcentral in the third quarter valued at approximately $102,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Ringcentral by 45.2% during the second quarter. PNC Financial Services Group Inc. now owns 4,248 shares of the software maker’s stock worth $120,000 after acquiring an additional 1,323 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on RNG. Rosenblatt Securities reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a report on Monday, December 29th. Zacks Research downgraded Ringcentral from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $36.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. Finally, Morgan Stanley decreased their price objective on Ringcentral from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Thursday, January 15th. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.46.

Insider Buying and Selling

In other Ringcentral news, CFO Vaibhav Agarwal sold 14,971 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer owned 165,593 shares of the company’s stock, valued at $4,298,794.28. The trade was a 8.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Kira Makagon sold 14,798 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $28.11, for a total value of $415,971.78. Following the completion of the sale, the chief operating officer directly owned 349,358 shares of the company’s stock, valued at approximately $9,820,453.38. The trade was a 4.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 114,956 shares of company stock valued at $3,139,914 in the last ninety days. 7.30% of the stock is owned by company insiders.

Ringcentral Price Performance

Shares of NYSE:RNG opened at $28.02 on Thursday. The company’s 50-day moving average price is $28.29 and its two-hundred day moving average price is $28.63. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $35.25. The stock has a market capitalization of $2.43 billion, a PE ratio of 200.13, a price-to-earnings-growth ratio of 1.19 and a beta of 1.23.

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.