Arrowstreet Capital Limited Partnership Has $50.60 Million Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Arrowstreet Capital Limited Partnership raised its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 414.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,445,245 shares of the software maker's stock after acquiring an additional 1,164,241 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 1.60% of RingCentral worth $50,598,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Quarry LP increased its position in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker's stock valued at $60,000 after buying an additional 982 shares in the last quarter. Venturi Wealth Management LLC grew its stake in RingCentral by 55.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after acquiring an additional 1,028 shares during the period. KBC Group NV increased its holdings in shares of RingCentral by 30.8% in the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after acquiring an additional 819 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of RingCentral during the fourth quarter worth about $173,000. Finally, Point72 DIFC Ltd lifted its holdings in shares of RingCentral by 301.1% during the 3rd quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker's stock valued at $175,000 after purchasing an additional 4,155 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

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Insider Activity

In related news, SVP John H. Marlow sold 35,089 shares of the firm'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 $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares of the company's stock, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 shares of the firm's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the transaction, the chief executive officer now owns 444,740 shares of the company's stock, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RNG shares. StockNews.com cut RingCentral from a "strong-buy" rating to a "buy" rating in a report on Tuesday. Piper Sandler cut their target price on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research note on Friday, February 21st. Raymond James decreased their price target on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a research note on Friday, February 21st. Barclays reduced their target price on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Finally, Robert W. Baird lowered their price target on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, RingCentral presently has an average rating of "Hold" and an average target price of $37.69.

RingCentral Trading Down 7.0 %

NYSE RNG traded down $1.71 on Friday, hitting $22.59. 2,188,522 shares of the company's stock were exchanged, compared to its average volume of 1,298,849. RingCentral, Inc. has a 52 week low of $22.14 and a 52 week high of $42.19. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -35.30, a P/E/G ratio of 1.27 and a beta of 1.20. The stock has a 50-day moving average of $30.10 and a 200-day moving average of $33.29.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate 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 business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. As a group, analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current year.

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.