KLP Kapitalforvaltning AS Takes $529,000 Position in RingCentral, Inc. (NYSE:RNG)

KLP Kapitalforvaltning AS bought a new position in shares of RingCentral, Inc. (NYSE:RNG – Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 15,100 shares of the software maker’s stock, valued at approximately $529,000.

Other large investors have also made changes to their positions in the company. Quarry LP boosted its position in RingCentral by 106.7% during the third quarter.



Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the last quarter. Venturi Wealth Management LLC increased its holdings in shares of RingCentral by 55.2% during the 4th quarter.

Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after buying an additional 1,028 shares during the last quarter. KBC Group NV lifted its stake in shares of RingCentral by 30.8% in the 4th quarter.

KBC Group NV now owns 3,478 shares of the software maker’s stock valued at $122,000 after purchasing an additional 819 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in RingCentral during the 4th quarter worth $173,000.

Finally, Point72 DIFC Ltd lifted its position in shares of RingCentral by 301.1% during the third quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock worth $175,000 after purchasing an additional 4,155 shares in the last quarter.

Hedge funds and other institutional investors own 98.61% of the company’s stock. RingCentral Stock PerformanceNYSE:RNG opened at $24.

33 on Friday. The company has a market capitalization of $2.21 billion, a PE ratio of -38.

01, a P/E/G ratio of 1.27 and a beta of 1.20.

RingCentral, Inc. has a fifty-two week low of $23.71 and a fifty-two week high of $42.

19. The company has a 50 day simple moving average of $30.10 and a two-hundred day simple moving average of $33.

29. RingCentral (NYSE:RNG – Get Free Report) last issued its earnings results on Thursday, February 20th. The software maker reported $0.

23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73).

The business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million.

RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%.

Research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider ActivityIn other news, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.

60. Following the transaction, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40.

This represents a 21.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Also, SVP John H. Marlow sold 22,979 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.

82, for a total transaction of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares in the company, valued at approximately $10,046,623.

18. This represents a 6.18 % decrease in their position.

The disclosure for this sale can be found here. In the last 90 days, insiders have sold 247,740 shares of company stock worth $7,099,279. Corporate insiders own 6.

97% of the company’s stock. Analyst Ratings ChangesA number of equities research analysts have recently weighed in on the company. Rosenblatt Securities lowered their price target on RingCentral from $45.

00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. Morgan Stanley upped their price target on RingCentral from $38.

00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Mizuho reduced their price target on shares of RingCentral from $42.

00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.

00 price objective (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Finally, StockNews.

com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $37.

69.Read Our Latest Report on RingCentralAbout RingCentral (Free Report)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.

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