12,906 Shares in RingCentral, Inc. (NYSE:RNG) Bought by Bryce Point Capital LLC

Bryce Point Capital LLC bought a new position in RingCentral, Inc. (NYSE:RNG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 12,906 shares of the software maker's stock, valued at approximately $452,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Trexquant Investment LP increased its position in RingCentral by 72.1% during the 4th quarter. Trexquant Investment LP now owns 238,674 shares of the software maker's stock worth $8,356,000 after purchasing an additional 99,989 shares during the period. Geode Capital Management LLC lifted its holdings in RingCentral by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker's stock valued at $47,267,000 after acquiring an additional 58,814 shares during the period. Alliancebernstein L.P. boosted its position in shares of RingCentral by 128.2% during the 4th quarter. Alliancebernstein L.P. now owns 45,376 shares of the software maker's stock worth $1,589,000 after purchasing an additional 25,495 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of RingCentral in the 4th quarter valued at about $244,000. Finally, Wellington Management Group LLP acquired a new position in RingCentral during the fourth quarter worth about $15,630,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Price Performance

NYSE RNG traded down $1.68 during trading hours on Thursday, hitting $22.68. The company had a trading volume of 342,004 shares, compared to its average volume of 1,318,094. The firm's 50 day moving average is $28.59 and its 200 day moving average is $32.98. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of -35.39, a P/E/G ratio of 1.27 and a beta of 1.30. RingCentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19.

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 analysts' consensus estimates of $0.96 by ($0.73). The firm 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%. On average, equities analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Buying and Selling

In related news, SVP John H. Marlow sold 35,089 shares of the business'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 $1,002,141.84. Following the completion of the sale, the senior vice president now directly owns 313,510 shares of the company's stock, valued at $8,953,845.60. The trade was a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 444,740 shares of the company's stock, valued at approximately $12,701,774.40. The trade was a 21.74 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 247,740 shares of company stock worth $7,099,279. Insiders own 6.97% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on RNG shares. Wells Fargo & Company reiterated an "underweight" rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Piper Sandler dropped their target price on shares of RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a report on Friday, February 21st. StockNews.com lowered RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 1st. Barclays decreased their price objective on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Finally, UBS Group reduced their target price on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target 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.