Alaska Permanent Fund Corp Increases Stake in RingCentral, Inc. (NYSE:RNG)

Alaska Permanent Fund Corp grew its position in RingCentral, Inc. (NYSE:RNG) by 1.6% during the 4th quarter, HoldingsChannel reports. The fund owned 71,922 shares of the software maker’s stock after purchasing an additional 1,122 shares during the period. Alaska Permanent Fund Corp’s holdings in RingCentral were worth $2,442,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sylebra Capital LLC bought a new position in shares of RingCentral in the third quarter worth about $242,462,000. Ameriprise Financial Inc. boosted its holdings in shares of RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after buying an additional 2,275,245 shares in the last quarter. Maple Rock Capital Partners Inc. bought a new stake in shares of RingCentral in the 3rd quarter valued at about $15,510,000. Vanguard Group Inc. boosted its holdings in shares of RingCentral by 4.9% in the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock valued at $295,971,000 after buying an additional 469,280 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of RingCentral by 10.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 730,242 shares of the software maker’s stock valued at $21,637,000 after buying an additional 67,229 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

RNG has been the topic of a number of recent analyst reports. Needham & Company LLC lowered their price target on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. Mizuho decreased their price objective on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Piper Sandler decreased their price objective on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Wells Fargo & Company decreased their price objective on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 21st. Finally, KeyCorp decreased their price objective on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, February 21st. Eight research 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $38.56.

RingCentral Stock Down 1.8 %

NYSE:RNG traded down $0.56 on Thursday, reaching $29.73. 59,161 shares of the company’s stock were exchanged, compared to its average volume of 1,145,774. The business has a fifty day moving average of $33.02 and a 200-day moving average of $31.84. RingCentral, Inc. has a 52-week low of $25.08 and a 52-week high of $43.28.

RingCentral (NYSE:RNG) last released its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million for the quarter, compared to analysts’ expectations of $569.65 million. Analysts predict that RingCentral, Inc. will post 0.45 EPS for the current year.

Insider Buying and Selling

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

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.