Quantinno Capital Management LP Has $4.29 Million Holdings in RingCentral, Inc. (NYSE:RNG)

Quantinno Capital Management LP boosted its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 59.1% 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 135,474 shares of the software maker's stock after purchasing an additional 50,329 shares during the quarter. Quantinno Capital Management LP owned about 0.15% of RingCentral worth $4,285,000 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 bought a new stake in shares of RingCentral during the 2nd quarter worth about $39,000. Venturi Wealth Management LLC lifted its position in RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock worth $59,000 after acquiring an additional 1,119 shares during the last quarter. Quarry LP boosted its holdings in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker's stock worth $60,000 after acquiring an additional 982 shares during the period. KBC Group NV grew its position in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new position in shares of RingCentral during the third quarter worth approximately $121,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Price Performance

NYSE:RNG traded up $0.70 on Monday, hitting $41.73. The company had a trading volume of 1,385,378 shares, compared to its average volume of 1,231,409. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $41.92. The firm has a 50 day moving average of $35.08 and a two-hundred day moving average of $32.78.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The company had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. Research analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In other RingCentral news, Director Robert I. Theis sold 1,457 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the completion of the sale, the director now owns 28,690 shares of the company's stock, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of the company's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the sale, the chief executive officer now directly owns 479,468 shares in the company, valued at approximately $16,762,201.28. This represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,539 shares of company stock worth $3,687,477. Insiders own 6.76% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on RNG. Rosenblatt Securities reaffirmed a "buy" rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Needham & Company LLC reaffirmed a "buy" rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Robert W. Baird lifted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a "neutral" rating in a research note on Monday, November 11th. Wedbush raised their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Finally, StockNews.com upgraded shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.73.

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.