Sovereign Financial Group Inc. Buys 626 Shares of RingCentral, Inc. (NYSE:RNG)

Sovereign Financial Group Inc. raised its position in RingCentral, Inc. (NYSE:RNG) by 8.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 8,420 shares of the software maker’s stock after acquiring an additional 626 shares during the period. Sovereign Financial Group Inc.’s holdings in RingCentral were worth $286,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC bought a new stake in RingCentral during the 4th quarter valued at $26,000. Hexagon Capital Partners LLC boosted its stake in RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock valued at $32,000 after purchasing an additional 501 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new stake in RingCentral during the 4th quarter worth approximately $33,000. Nisa Investment Advisors LLC boosted its position in shares of RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after buying an additional 500 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new stake in RingCentral during the third quarter worth $53,000. Institutional investors own 98.61% of the company’s stock.

RingCentral Stock Down 1.0 %

Shares of RNG stock traded down $0.31 on Tuesday, reaching $30.00. The company’s stock had a trading volume of 984,684 shares, compared to its average volume of 1,118,446. The company has a market capitalization of $2.77 billion, a P/E ratio of -17.14, a PEG ratio of 3.24 and a beta of 0.94. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $43.28. The stock’s 50 day simple moving average is $32.85 and its 200-day simple moving average is $31.88.

RingCentral (NYSE:RNG) last released its quarterly 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. Research analysts expect that RingCentral, Inc. will post 0.45 EPS for the current year.

Insider Activity

In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the transaction, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the completion of the sale, the chief financial officer now owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the transaction, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,608 shares of company stock valued at $800,974. Insiders own 6.76% of the company’s stock.

Wall Street Analyst Weigh In

RNG has been the subject of several analyst reports. Morgan Stanley decreased their price objective on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. KeyCorp lowered their target price on RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 21st. Needham & Company LLC reduced their price target on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Rosenblatt Securities reissued a “neutral” rating and set a $35.00 target price on shares of RingCentral in a research report on Wednesday, May 1st. Finally, Wells Fargo & Company lowered their price target on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 21st. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $38.56.

About RingCentral

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.