Hillsdale Investment Management Inc. Purchases 1,800 Shares of RingCentral, Inc. (NYSE:RNG)

Hillsdale Investment Management Inc. increased its stake in RingCentral, Inc. (NYSE:RNG) by 1.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 154,350 shares of the software maker’s stock after purchasing an additional 1,800 shares during the quarter. Hillsdale Investment Management Inc. owned approximately 0.17% of RingCentral worth $5,404,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quarry LP raised its holdings in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares during the period. KBC Group NV raised its holdings in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the period. Venturi Wealth Management LLC raised its holdings in shares of RingCentral by 55.2% in the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after purchasing an additional 1,028 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in shares of RingCentral in the 4th quarter worth approximately $173,000. Finally, Point72 DIFC Ltd raised its holdings in shares of RingCentral by 301.1% in the 3rd 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 during the period. Institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

RNG opened at $26.89 on Friday. The company has a fifty day moving average price of $31.41 and a 200-day moving average price of $33.46. The firm has a market capitalization of $2.44 billion, a P/E ratio of -42.01, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a one year low of $26.22 and a one year high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. On average, analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on RNG shares. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Needham & Company LLC reduced their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Robert W. Baird reduced their price objective on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. UBS Group reduced their price objective on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Finally, Rosenblatt Securities reduced their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $37.69.

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the business’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 completion of the sale, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 247,740 shares of company stock valued at $7,099,279. Insiders own 6.97% 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.