Alliancebernstein L.P. Boosts Holdings in RingCentral, Inc. (NYSE:RNG)

Alliancebernstein L.P. lifted its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 128.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,376 shares of the software maker's stock after buying an additional 25,495 shares during the quarter. Alliancebernstein L.P. owned approximately 0.05% of RingCentral worth $1,589,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in RNG. Hennessy Advisors Inc. bought a new position in shares of RingCentral during the 4th quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership raised its stake in shares of RingCentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after acquiring an additional 1,164,241 shares in the last quarter. Jupiter Asset Management Ltd. raised its stake in shares of RingCentral by 4.7% during the 4th quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker's stock worth $37,067,000 after acquiring an additional 47,827 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of RingCentral by 1.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker's stock worth $29,135,000 after acquiring an additional 10,110 shares in the last quarter. Finally, Valley Wealth Managers Inc. bought a new position in shares of RingCentral during the 4th quarter worth approximately $20,792,000. Institutional investors own 98.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Needham & Company LLC cut their price target on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Mizuho cut their price target on shares of RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley cut their price target on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Rosenblatt Securities dropped their price objective on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Finally, Robert W. Baird dropped their price objective on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $35.38.

RingCentral Stock Performance

NYSE RNG traded up $1.08 during mid-day trading on Wednesday, reaching $23.98. 153,814 shares of the stock were exchanged, compared to its average volume of 1,331,428. The business's 50 day moving average is $26.45 and its 200-day moving average is $32.46. RingCentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19. The company has a market capitalization of $2.18 billion, a P/E ratio of -37.47, a P/E/G ratio of 1.27 and a beta of 1.30.

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

Insider Buying and Selling at RingCentral

In other news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the sale, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction dated 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 owns 313,510 shares of the company's stock, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 247,740 shares of company stock valued at $7,099,279 over the last ninety days. Corporate insiders own 6.97% of the company's stock.

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.