Holocene Advisors LP Grows Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Holocene Advisors LP boosted its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 72.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 116,123 shares of the software maker's stock after purchasing an additional 48,712 shares during the quarter. Holocene Advisors LP owned about 0.13% of RingCentral worth $3,673,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Point72 DIFC Ltd acquired a new position in RingCentral in the 2nd quarter valued at $39,000. Venturi Wealth Management LLC increased its holdings in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock valued at $59,000 after buying an additional 1,119 shares during the period. KBC Group NV lifted its stake in RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker's stock worth $84,000 after purchasing an additional 744 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in RingCentral during the third quarter worth $121,000. Finally, CWM LLC increased its stake in shares of RingCentral by 595.9% in the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker's stock valued at $150,000 after purchasing an additional 4,064 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares of the company's stock, valued at approximately $4,256,584. This trade represents a 1.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of the business's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the sale, the senior vice president now directly owns 357,818 shares of the company's stock, valued at $12,509,317.28. This represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,539 shares of company stock worth $3,687,477 in the last ninety days. 6.76% of the stock is currently owned by insiders.

Analysts Set New Price Targets

RNG has been the topic of several research analyst reports. Raymond James reduced their price objective on RingCentral from $52.00 to $50.00 and set a "strong-buy" rating on the stock in a research note on Friday, November 8th. Wedbush increased their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Rosenblatt Securities reaffirmed a "buy" rating and set a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Robert W. Baird upped their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, November 11th. Finally, StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Monday, November 11th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, RingCentral currently has an average rating of "Moderate Buy" and a consensus price target of $40.73.

RingCentral Stock Up 6.6 %

RNG traded up $2.53 during trading on Friday, hitting $41.03. 1,595,175 shares of the company traded hands, compared to its average volume of 1,231,732. The stock's fifty day moving average is $34.89 and its 200 day moving average is $32.80. RingCentral, Inc. has a one year low of $26.98 and a one year high of $41.04. The firm has a market cap of $3.71 billion, a P/E ratio of -36.32, a price-to-earnings-growth ratio of 2.35 and a beta of 0.99.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.10. The firm had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, equities research analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

About RingCentral

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.