Integrated Quantitative Investments LLC Makes New $823,000 Investment in RingCentral, Inc. (NYSE:RNG)

Integrated Quantitative Investments LLC purchased a new stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 23,500 shares of the software maker's stock, valued at approximately $823,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Grant Private Wealth Management Inc purchased a new stake in RingCentral during the fourth quarter worth about $576,000. Bryce Point Capital LLC purchased a new stake in shares of RingCentral during the 4th quarter worth approximately $452,000. Trexquant Investment LP raised its holdings in shares of RingCentral by 72.1% in 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 stake 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 purchasing an additional 58,814 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in RingCentral by 128.2% during the fourth quarter. Alliancebernstein L.P. now owns 45,376 shares of the software maker's stock valued at $1,589,000 after purchasing an additional 25,495 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at RingCentral

In related news, CEO Vladimir Shmunis sold 66,112 shares of the company's stock in a transaction on 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 directly owns 568,300 shares in the company, valued at $16,384,089. This represents a 10.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP John H. Marlow sold 22,979 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the sale, the senior vice president now directly owns 348,599 shares of the company's stock, valued at $10,046,623.18. The trade was a 6.18 % 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 over the last three months. Company insiders own 6.97% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on RNG. Barclays dropped their price target 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. Mizuho cut their price target on RingCentral from $42.00 to $36.00 and set a "neutral" rating for the company in a report on Monday, February 10th. StockNews.com lowered RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 1st. Needham & Company LLC cut their target price on RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Finally, Robert W. Baird reduced their target price on RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. One research 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's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $37.69.

RingCentral Stock Performance

RNG traded down $1.56 during trading on Thursday, reaching $22.80. The stock had a trading volume of 414,683 shares, compared to its average volume of 1,557,775. The business has a 50-day moving average of $28.59 and a 200-day moving average of $32.98. RingCentral, Inc. has a one year low of $20.58 and a one year high of $42.19. The stock has a market cap of $2.07 billion, a PE ratio of -35.63, a PEG ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share 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%. Equities research analysts forecast that RingCentral, Inc. will post 1.29 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.