RingCentral, Inc. (NYSE:RNG) Stock Position Lifted by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. boosted its stake in shares of RingCentral, Inc. (NYSE:RNGGet Rating) by 53.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 2,381,592 shares of the software maker’s stock after acquiring an additional 825,356 shares during the period. Goldman Sachs Group Inc.’s holdings in RingCentral were worth $446,191,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Spire Wealth Management lifted its stake in RingCentral by 843.8% in the fourth quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock valued at $28,000 after acquiring an additional 135 shares during the last quarter. Jackson Wealth Management LLC lifted its stake in RingCentral by 117.9% in the third quarter. Jackson Wealth Management LLC now owns 21,427 shares of the software maker’s stock valued at $30,000 after acquiring an additional 11,593 shares during the last quarter. FourThought Financial LLC lifted its stake in RingCentral by 60.6% in the third quarter. FourThought Financial LLC now owns 159 shares of the software maker’s stock valued at $34,000 after acquiring an additional 60 shares during the last quarter. Neo Ivy Capital Management lifted its stake in RingCentral by 185.1% in the fourth quarter. Neo Ivy Capital Management now owns 191 shares of the software maker’s stock valued at $36,000 after acquiring an additional 124 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in RingCentral by 440.9% in the third quarter. First Horizon Advisors Inc. now owns 714 shares of the software maker’s stock valued at $38,000 after acquiring an additional 582 shares during the last quarter. 85.96% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have issued reports on the stock. Piper Sandler reduced their target price on shares of RingCentral from $228.00 to $118.00 in a research note on Tuesday. Oppenheimer upgraded shares of RingCentral from a “market perform” rating to an “outperform” rating and set a $100.00 price objective for the company in a research note on Tuesday. Raymond James reduced their price objective on shares of RingCentral from $300.00 to $135.00 in a research note on Tuesday. KeyCorp reduced their price objective on shares of RingCentral from $295.00 to $252.00 and set an “overweight” rating for the company in a research note on Wednesday, February 23rd. Finally, Needham & Company LLC reduced their price objective on shares of RingCentral from $225.00 to $110.00 in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $192.68.

In other RingCentral news, CFO Vaibhav Agarwal sold 10,443 shares of RingCentral stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $67.59, for a total transaction of $705,842.37. Following the completion of the transaction, the chief financial officer now directly owns 85,357 shares of the company’s stock, valued at $5,769,279.63. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Mohammed Katibeh sold 1,846 shares of RingCentral stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $67.60, for a total value of $124,789.60. Following the transaction, the chief operating officer now directly owns 110,098 shares of the company’s stock, valued at $7,442,624.80. The disclosure for this sale can be found here. Corporate insiders own 7.35% of the company’s stock.

NYSE RNG traded up $7.33 on Friday, reaching $69.30. The company’s stock had a trading volume of 2,671,065 shares, compared to its average volume of 1,614,714. The firm has a market cap of $6.39 billion, a PE ratio of -12.18 and a beta of 0.93. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 33.52. RingCentral, Inc. has a 52 week low of $59.04 and a 52 week high of $315.00. The business has a 50-day moving average price of $102.80 and a 200 day moving average price of $159.30.

RingCentral (NYSE:RNGGet Rating) last released its quarterly earnings data on Monday, May 9th. The software maker reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.05. The company had revenue of $467.66 million for the quarter, compared to analyst estimates of $458.36 million. RingCentral had a negative return on equity of 183.51% and a negative net margin of 30.82%. The company’s revenue was up 32.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.41) EPS. Analysts anticipate that RingCentral, Inc. will post -1.99 earnings per share for the current fiscal year.

RingCentral Company Profile (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

Further Reading

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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