18,361 Shares in RingCentral, Inc. (NYSE:RNG) Acquired by Dark Forest Capital Management LP

Dark Forest Capital Management LP purchased a new stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 18,361 shares of the software maker's stock, valued at approximately $643,000.

Several other large investors have also made changes to their positions in RNG. Kayne Anderson Rudnick Investment Management LLC bought a new stake in RingCentral in the fourth quarter worth approximately $49,000. Venturi Wealth Management LLC boosted its holdings in RingCentral by 55.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after purchasing an additional 1,028 shares in the last quarter. KBC Group NV increased its position in RingCentral by 30.8% during the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after buying an additional 819 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of RingCentral in the fourth quarter worth about $173,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after acquiring an additional 468 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

Wall Street Analysts Forecast Growth

RNG has been the subject of a number of research analyst reports. Raymond James cut their target price on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. Robert W. Baird cut their price target on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 25th. StockNews.com downgraded shares of RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 1st. Morgan Stanley reduced their target price on RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Finally, UBS Group lowered their target price on RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $34.46.

RingCentral Trading Up 1.0 %

Shares of RNG traded up $0.24 during mid-day trading on Tuesday, reaching $25.28. The company's stock had a trading volume of 847,522 shares, compared to its average volume of 1,338,239. RingCentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19. The business has a 50-day simple moving average of $25.76 and a two-hundred day simple moving average of $32.30. The stock has a market cap of $2.29 billion, a P/E ratio of -39.51, a PEG ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). The company 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%. Research analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Transactions at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 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 $3,528,873.60. Following the completion of the sale, the chief executive officer now owns 444,740 shares of the company's stock, valued at $12,701,774.40. The trade was a 21.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the firm's stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 313,510 shares in the company, valued at $8,953,845.60. This represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 247,740 shares of company stock worth $7,099,279. Company 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.