Geode Capital Management LLC Has $47.27 Million Stake in RingCentral, Inc. (NYSE:RNG)

Geode Capital Management LLC raised its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 4.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,349,667 shares of the software maker's stock after buying an additional 58,814 shares during the quarter. Geode Capital Management LLC owned about 1.49% of RingCentral worth $47,267,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fort Washington Investment Advisors Inc. OH grew its holdings in RingCentral by 32.5% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker's stock valued at $19,266,000 after purchasing an additional 134,928 shares during the period. Hennessy Advisors Inc. bought a new position in shares of RingCentral during the fourth quarter worth $59,055,000. Beaumont Financial Advisors LLC acquired a new position in shares of RingCentral in the 4th quarter valued at $262,000. 272 Capital LP bought a new stake in shares of RingCentral in the 3rd quarter valued at $436,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in RingCentral by 106.9% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker's stock worth $6,484,000 after buying an additional 95,684 shares during the period. 98.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RNG has been the subject of several recent analyst reports. Raymond James lowered their price target on RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a report on Friday, February 21st. StockNews.com cut RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 1st. Wells Fargo & Company reaffirmed an "underweight" rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Needham & Company LLC lowered their price objective on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Finally, Mizuho cut their price objective on shares of RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a research report on Tuesday. 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 data from MarketBeat, RingCentral has a consensus rating of "Hold" and a consensus target price of $36.00.

Insider Activity

In other news, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. The trade was a 21.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 value of $662,254.78. Following the completion of the sale, the senior vice president now owns 348,599 shares in the company, valued at approximately $10,046,623.18. This trade represents a 6.18 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is owned by company insiders.

RingCentral Trading Up 0.9 %

Shares of NYSE:RNG traded up $0.21 during trading on Friday, hitting $22.76. 804,131 shares of the company were exchanged, compared to its average volume of 1,336,941. RingCentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of -35.57, a P/E/G ratio of 1.27 and a beta of 1.30. The firm has a fifty day moving average price of $26.95 and a two-hundred day moving average price of $32.58.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results 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 analyst estimates of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. As a group, research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current 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.