8,748 Shares of RingCentral, Inc. $RNG Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of RingCentral, Inc. (NYSE:RNG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 8,748 shares of the software maker’s stock, valued at approximately $653,000.

A number of other institutional investors also recently modified their holdings of the company. Quantinno Capital Management LP boosted its holdings in shares of RingCentral by 150.4% in the 1st quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker’s stock worth $73,524,000 after acquiring an additional 1,187,437 shares in the last quarter. Dimensional Fund Advisors LP grew its position in RingCentral by 8.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,308,949 shares of the software maker’s stock worth $48,676,000 after acquiring an additional 101,002 shares during the last quarter. Bank of New York Mellon Corp grew its position in RingCentral by 28.6% during the 1st quarter. Bank of New York Mellon Corp now owns 585,789 shares of the software maker’s stock worth $21,785,000 after acquiring an additional 130,418 shares during the last quarter. Principal Financial Group Inc. bought a new stake in RingCentral during the 1st quarter worth approximately $13,719,000. Finally, Hillsdale Investment Management Inc. increased its holdings in RingCentral by 0.3% during the 1st quarter. Hillsdale Investment Management Inc. now owns 294,050 shares of the software maker’s stock valued at $10,936,000 after purchasing an additional 800 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Insiders Place Their Bets

In related news, Director Amy Shenkan sold 1,264 shares of the stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $78.89, for a total value of $99,716.96. Following the transaction, the director directly owned 28,108 shares in the company, valued at $2,217,440.12. This represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,046 shares of the firm’s stock in a transaction that occurred 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 directly owned 146,700 shares in the company, valued at approximately $10,577,070. The trade was a 4.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 84,625 shares of company stock valued at $6,024,953 over the last three months. 7.30% of the stock is owned by insiders.

RingCentral Trading Down 0.1%

Shares of NYSE:RNG opened at $72.01 on Monday. The stock has a market capitalization of $6.08 billion, a P/E ratio of 9.53, a P/E/G ratio of 1.22 and a beta of 1.05. RingCentral, Inc. has a 1-year low of $24.14 and a 1-year high of $98.14. The business has a 50-day moving average price of $76.70 and a two-hundred day moving average price of $50.35.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, October 22nd. The software maker reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. The company had revenue of $676.04 million for the quarter, compared to the consensus estimate of $667.30 million. RingCentral had a net margin of 25.27% and a negative return on equity of 50.15%. The company’s revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.13 EPS. As a group, equities analysts predict that RingCentral, Inc. will post 2.96 EPS for the current year.

RingCentral Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be paid a dividend of $0.1250 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, November 6th. RingCentral’s payout ratio is 6.61%.

Analyst Ratings Changes

Several brokerages have issued reports on RNG. Oppenheimer lifted their price objective on RingCentral from $85.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, October 23rd. Wells Fargo & Company increased their target price on RingCentral from $65.00 to $85.00 and gave the stock an “equal weight” rating in a report on Friday, October 23rd. FBN Securities restated an “outperform” rating and issued a $105.00 target price on shares of RingCentral in a research note on Friday, October 23rd. Mizuho set a $85.00 price target on RingCentral in a report on Friday, October 23rd. Finally, Needham & Company LLC upped their price target on shares of RingCentral from $85.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, October 23rd. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $93.92.

About RingCentral

RingCentral, Inc provides cloud-based communications and collaboration services for businesses. Its offerings combine business phone service, video meetings, team messaging and related tools in a unified communications platform.

The company also offers contact center services that help organizations manage customer interactions across channels, along with integrations with business software. Its services are delivered to organizations in multiple countries and regions.

RingCentral was founded in 1999 by Vlad Shmunis, who serves as the company’s founder, chairman and chief executive officer.