Renaissance Technologies LLC Acquires 180,000 Shares of RingCentral, Inc. (NYSE:RNG)

Renaissance Technologies LLC boosted its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 11.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,795,300 shares of the software maker's stock after buying an additional 180,000 shares during the period. Renaissance Technologies LLC owned approximately 1.99% of RingCentral worth $62,853,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of RNG. The Manufacturers Life Insurance Company grew its position in RingCentral by 9.0% in the third quarter. The Manufacturers Life Insurance Company now owns 15,765 shares of the software maker's stock valued at $499,000 after acquiring an additional 1,296 shares during the last quarter. Janus Henderson Group PLC boosted its position in RingCentral by 5.5% in the third quarter. Janus Henderson Group PLC now owns 40,009 shares of the software maker's stock valued at $1,265,000 after buying an additional 2,097 shares in the last quarter. Stifel Financial Corp grew its stake in shares of RingCentral by 3.5% during the third quarter. Stifel Financial Corp now owns 51,924 shares of the software maker's stock worth $1,642,000 after buying an additional 1,752 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of RingCentral in the 3rd quarter valued at $1,132,000. Finally, MidWestOne Financial Group Inc. bought a new stake in RingCentral during the 3rd quarter worth $210,000. 98.61% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction dated Friday, February 21st. The stock was 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 of the company's stock, valued at approximately $16,384,089. This trade represents a 10.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 35,089 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 $1,002,141.84. Following the completion of the sale, the senior vice president now 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. Insiders sold 247,740 shares of company stock valued at $7,099,279 in the last three months. Company insiders own 6.97% of the company's stock.

RingCentral Trading Up 0.2 %

Shares of RNG traded up $0.04 during trading hours on Tuesday, reaching $22.67. The stock had a trading volume of 224,159 shares, compared to its average volume of 1,326,151. RingCentral, Inc. has a 12 month low of $20.59 and a 12 month high of $42.19. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of -35.42, a P/E/G ratio of 1.27 and a beta of 1.30. The firm has a 50-day simple moving average of $27.89 and a 200 day simple moving average of $32.83.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, equities analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current year.

Analysts Set New Price Targets

RNG has been the subject of several research reports. Robert W. Baird dropped their target price on RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research report on Tuesday, February 25th. Morgan Stanley upped their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a research report on Wednesday, December 18th. Rosenblatt Securities cut their price target on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Piper Sandler decreased their price target on RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Finally, Barclays cut their price objective on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $36.85.

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.