1,686,800 Shares in RingCentral, Inc. (NYSE:RNG) Bought by Hennessy Advisors Inc.

Hennessy Advisors Inc. purchased a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,686,800 shares of the software maker's stock, valued at approximately $59,055,000. RingCentral makes up 1.8% of Hennessy Advisors Inc.'s holdings, making the stock its 11th biggest holding. Hennessy Advisors Inc. owned about 1.87% of RingCentral as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in RNG. Pacer Advisors Inc. raised its holdings in RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker's stock valued at $83,483,000 after buying an additional 822,892 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of RingCentral by 2.4% in the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker's stock valued at $24,706,000 after acquiring an additional 20,666 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of RingCentral by 7.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker's stock valued at $26,003,000 after acquiring an additional 59,570 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in RingCentral by 130.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker's stock worth $11,685,000 after purchasing an additional 234,238 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in RingCentral by 65.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker's stock worth $12,057,000 after purchasing an additional 151,433 shares during the period. Institutional investors and hedge funds own 98.61% of the company's stock.

RingCentral Stock Performance

RNG traded up $0.24 during midday trading on Friday, hitting $33.76. The company had a trading volume of 727,921 shares, compared to its average volume of 972,973. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19. The company has a market capitalization of $3.05 billion, a PE ratio of -31.85, a P/E/G ratio of 1.36 and a beta of 0.99. The firm's 50-day simple moving average is $36.80 and its 200-day simple moving average is $33.87.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, sell-side analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Morgan Stanley upped their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, December 18th. Wedbush raised 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. StockNews.com raised RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Monday, November 11th. Mizuho reissued a "neutral" rating and issued a $42.00 price objective on shares of RingCentral in a research report on Friday, December 13th. Finally, Wells Fargo & Company reaffirmed an "underweight" rating and set a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $41.29.

Insider Transactions at RingCentral

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the sale, the senior vice president now directly owns 357,818 shares in the company, valued at $12,509,317.28. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ned D. Segal sold 2,914 shares of RingCentral stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the transaction, the director now owns 10,633 shares in the company, valued at $442,332.80. This trade represents a 21.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,188 shares of company stock worth $4,113,047 in the last three months. Insiders own 6.97% of the company's stock.

RingCentral Company 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.