RingCentral, Inc. (NYSE:RNG) Shares Purchased by Readystate Asset Management LP

Readystate Asset Management LP lifted its stake in RingCentral, Inc. (NYSE:RNG) by 68.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 228,810 shares of the software maker’s stock after purchasing an additional 93,361 shares during the period. Readystate Asset Management LP’s holdings in RingCentral were worth $7,768,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of RingCentral by 166.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 131,044 shares of the software maker’s stock valued at $4,450,000 after purchasing an additional 81,787 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of RingCentral by 2.6% in the fourth quarter. Public Employees Retirement System of Ohio now owns 36,746 shares of the software maker’s stock valued at $1,248,000 after purchasing an additional 918 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of RingCentral by 3.8% in the fourth quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock valued at $352,103,000 after purchasing an additional 382,343 shares during the last quarter. Voloridge Investment Management LLC increased its holdings in shares of RingCentral by 41.8% in the fourth quarter. Voloridge Investment Management LLC now owns 910,022 shares of the software maker’s stock valued at $30,895,000 after purchasing an additional 268,306 shares during the last quarter. Finally, Cresset Asset Management LLC increased its holdings in shares of RingCentral by 3.0% in the fourth quarter. Cresset Asset Management LLC now owns 11,398 shares of the software maker’s stock valued at $387,000 after purchasing an additional 333 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Buying and Selling

In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the completion of the sale, the chief financial officer now directly owns 116,640 shares of the company’s stock, valued at approximately $4,063,737.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the completion of the sale, the chief financial officer now directly owns 116,640 shares of the company’s stock, valued at approximately $4,063,737.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following 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. Insiders sold 23,608 shares of company stock valued at $800,974 in the last three months. 6.76% of the stock is owned by corporate insiders.

RingCentral Trading Down 2.2 %

RNG traded down $0.66 on Wednesday, hitting $29.72. 777,168 shares of the company were exchanged, compared to its average volume of 1,186,594. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $43.28. The company has a market cap of $2.74 billion, a price-to-earnings ratio of -16.98, a price-to-earnings-growth ratio of 3.26 and a beta of 0.92. The firm has a 50-day moving average price of $33.27 and a two-hundred day moving average price of $31.82.

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

Analysts Set New Price Targets

Several research firms recently commented on RNG. The Goldman Sachs Group cut their price target on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Needham & Company LLC lowered their price objective on RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Wells Fargo & Company lowered their price objective on RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 21st. Mizuho lowered their price objective on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Finally, Wedbush reiterated a “neutral” rating and issued a $40.00 price objective on shares of RingCentral in a research report on Friday, February 16th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, RingCentral presently has an average rating of “Moderate Buy” and a consensus price target of $38.89.

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.