39,900 Shares of RingCentral, Inc. $RNG Purchased by VestGen Advisors LLC

VestGen Advisors LLC purchased a new position in RingCentral, Inc. (NYSE:RNG) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 39,900 shares of the software maker’s stock, valued at approximately $2,981,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC boosted its stake in RingCentral by 128.1% in the 3rd quarter. Fortitude Family Office LLC now owns 349 shares of the software maker’s stock worth $26,000 after purchasing an additional 196 shares during the period. WealthCollab LLC boosted its position in shares of RingCentral by 59.7% during the first quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock worth $26,000 after acquiring an additional 259 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of RingCentral by 2.3% during the second quarter. Versant Capital Management Inc now owns 11,521 shares of the software maker’s stock worth $449,000 after acquiring an additional 259 shares during the last quarter. Elevation Wealth Partners LLC grew its holdings in RingCentral by 119.3% during the 3rd quarter. Elevation Wealth Partners LLC now owns 546 shares of the software maker’s stock worth $41,000 after acquiring an additional 297 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its position in RingCentral by 3.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 11,883 shares of the software maker’s stock valued at $442,000 after purchasing an additional 362 shares during the period. Institutional investors own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RNG. Weiss Ratings raised shares of RingCentral from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Morgan Stanley lifted their price target on shares of RingCentral from $41.00 to $91.00 and gave the company an “equal weight” rating in a research note on Friday, October 23rd. Needham & Company LLC boosted their price target on shares of RingCentral from $85.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, October 23rd. Jefferies Financial Group upped their price objective on shares of RingCentral from $40.00 to $75.00 and gave the stock a “hold” rating in a research report on Friday, October 23rd. Finally, Royal Bank Of Canada started coverage on shares of RingCentral in a report on Thursday, September 3rd. They set an “outperform” rating and a $85.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $93.92.

RingCentral Trading Down 3.0%

Shares of NYSE RNG opened at $83.64 on Friday. The stock has a market cap of $6.99 billion, a P/E ratio of 11.06, a PEG ratio of 1.46 and a beta of 1.10. RingCentral, Inc. has a 12-month low of $24.14 and a 12-month high of $98.14. The business’s fifty day simple moving average is $75.48 and its 200-day simple moving average is $48.88.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, October 22nd. The software maker reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.05. RingCentral had a negative return on equity of 50.15% and a net margin of 25.27%. The company had revenue of $676.04 million during the quarter, compared to analysts’ expectations of $667.30 million. During the same period last year, the firm earned $1.13 EPS. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, equities analysts forecast that RingCentral, Inc. will post 2.96 EPS for the current fiscal year.

RingCentral Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be paid a dividend of $0.1250 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Friday, November 6th. RingCentral’s dividend payout ratio is 6.61%.

Insider Buying and Selling at RingCentral

In related news, Director Amy Shenkan sold 1,264 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $78.89, for a total transaction of $99,716.96. Following the completion of the sale, the director directly owned 28,108 shares of the company’s stock, valued at $2,217,440.12. This trade represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,046 shares of RingCentral stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $72.10, for a total transaction of $508,016.60. Following the completion of the transaction, the chief financial officer owned 146,700 shares in the company, valued at approximately $10,577,070. This trade represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 84,625 shares of company stock valued at $6,024,953. Corporate insiders own 7.30% of the company’s stock.

RingCentral Profile

RingCentral, Inc is a provider of cloud-based business communications and collaboration solutions. Its platform enables organizations to manage business phone services, team messaging, video meetings, contact center operations and other communications through internet-based applications rather than traditional on-premises systems.

The company’s offerings include RingEX, a unified communications platform that combines voice, messaging and video; RingCentral Video for online meetings and collaboration; and RingCX, a cloud contact center solution.