Harel Insurance Investments & Financial Services Ltd. Increases Position in RingCentral, Inc. (NYSE:RNG)

Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of RingCentral, Inc. (NYSE:RNG) by 106.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 185,205 shares of the software maker’s stock after acquiring an additional 95,684 shares during the period. Harel Insurance Investments & Financial Services Ltd.’s holdings in RingCentral were worth $6,484,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in RNG. Point72 DIFC Ltd purchased a new position in RingCentral in the 2nd quarter valued at approximately $39,000. Venturi Wealth Management LLC increased its position in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares in the last quarter. Quarry LP raised its stake in shares of RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 shares during the last quarter. KBC Group NV boosted its position 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 buying an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division acquired a new stake in RingCentral in the 3rd quarter valued at about $121,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Activity at RingCentral

In related news, CEO Vladimir Shmunis sold 66,451 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now directly owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ned D. Segal sold 2,914 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares of the company’s stock, valued at $442,332.80. This trade represents a 21.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,188 shares of company stock worth $4,113,047. Company insiders own 6.97% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Wedbush increased their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Mizuho reaffirmed a “neutral” rating and set a $42.00 price objective on shares of RingCentral in a research note on Friday, December 13th. Finally, Raymond James reissued an “outperform” rating and issued a $45.00 target price (down previously from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $41.29.

RingCentral Stock Performance

RNG stock opened at $34.67 on Friday. The business has a fifty day simple moving average of $36.56 and a 200-day simple moving average of $34.04. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Research analysts expect that RingCentral, Inc. will post 0.84 EPS for the current year.

RingCentral Profile

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.