AXQ Capital LP Takes Position in RingCentral, Inc. (NYSE:RNG)

AXQ Capital LP acquired a new position in RingCentral, Inc. (NYSE:RNG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 14,049 shares of the software maker's stock, valued at approximately $492,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sovereign Financial Group Inc. increased its stake in shares of RingCentral by 4.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock worth $353,000 after acquiring an additional 386 shares during the period. Gagnon Securities LLC increased its stake in shares of RingCentral by 5.6% during the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock worth $270,000 after purchasing an additional 407 shares in the last quarter. Xponance Inc. raised its holdings in shares of RingCentral by 4.2% during the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock valued at $373,000 after acquiring an additional 426 shares during the last quarter. KBC Group NV lifted its holdings in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after purchasing an additional 744 shares in the last quarter. Finally, Private Advisor Group LLC lifted its stake in shares of RingCentral by 9.6% in the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock worth $311,000 after buying an additional 777 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Insider Activity 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 transaction of $1,906,008.96. Following the completion of the sale, the chief executive officer now owns 568,300 shares in the company, valued at approximately $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 accessible through this link. Also, SVP John H. Marlow sold 35,089 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the transaction, the senior vice president now owns 313,510 shares in the company, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock worth $7,099,279 in the last 90 days. 6.97% of the stock is owned by insiders.

Remove Ads

RingCentral Stock Performance

NYSE RNG traded down $0.29 during trading hours on Thursday, hitting $27.28. The company had a trading volume of 811,699 shares, compared to its average volume of 1,262,279. The business has a 50 day moving average of $31.11 and a 200-day moving average of $33.44. The company has a market cap of $2.47 billion, a PE ratio of -42.62, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a 1-year low of $26.22 and a 1-year high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Sell-side analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RNG. Mizuho dropped their target price on RingCentral from $42.00 to $36.00 and set a "neutral" rating for the company in a report on Monday, February 10th. Barclays cut their target price on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. UBS Group lowered their price objective on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. StockNews.com raised RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, March 17th. Finally, Robert W. Baird decreased their price objective on RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $37.69.

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.