Marshall Wace LLP Has $5.98 Million Stock Position in RingCentral, Inc. (NYSE:RNG)

Marshall Wace LLP lessened its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 55.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 170,800 shares of the software maker's stock after selling 210,375 shares during the quarter. Marshall Wace LLP owned about 0.19% of RingCentral worth $5,980,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Sanctuary Advisors LLC bought a new position in RingCentral in the 3rd quarter valued at about $178,000. 272 Capital LP acquired a new stake in shares of RingCentral in the 3rd quarter worth approximately $436,000. Principal Financial Group Inc. bought a new position in shares of RingCentral in the third quarter valued at approximately $233,000. Central Pacific Bank Trust Division increased its stake in shares of RingCentral by 31.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker's stock valued at $176,000 after acquiring an additional 1,194 shares during the period. Finally, Diversified Trust Co raised its holdings in RingCentral by 89.9% during the fourth quarter. Diversified Trust Co now owns 28,499 shares of the software maker's stock worth $998,000 after purchasing an additional 13,491 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

RingCentral Trading Up 0.4 %

NYSE:RNG traded up $0.10 during trading hours on Friday, hitting $25.11. 692,369 shares of the stock traded hands, compared to its average volume of 1,341,970. The firm has a 50 day moving average price of $25.90 and a 200 day moving average price of $32.34. The firm has a market cap of $2.28 billion, a price-to-earnings ratio of -39.23, a PEG 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 results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. Research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Transactions at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.83, for a total value 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 $16,384,089. This represents a 10.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the sale, the senior vice president now directly owns 313,510 shares of the company's stock, 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 247,740 shares of company stock valued at $7,099,279 over the last three months. 6.97% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on RNG shares. Rosenblatt Securities lowered their price target on RingCentral from $40.00 to $28.00 and set a "buy" rating on the stock in a research report on Thursday. Barclays lowered their target price on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Needham & Company LLC cut their price target on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a report on Friday, February 21st. Wells Fargo & Company dropped their target price on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Finally, UBS Group reduced their target price on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, RingCentral currently has a consensus rating of "Hold" and an average price target of $34.46.

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.