Formula Growth Ltd. Decreases Position in RingCentral, Inc. (NYSE:RNG)

Formula Growth Ltd. decreased its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 72.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,061 shares of the software maker's stock after selling 45,000 shares during the quarter. Formula Growth Ltd.'s holdings in RingCentral were worth $597,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Renaissance Technologies LLC increased its holdings in shares of RingCentral by 11.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker's stock valued at $62,853,000 after purchasing an additional 180,000 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in shares of RingCentral in the fourth quarter worth about $59,055,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of RingCentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after acquiring an additional 1,164,241 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of RingCentral by 4.6% in the 4th 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 in the last quarter. Finally, Jupiter Asset Management Ltd. raised its holdings in RingCentral by 4.7% in the 4th quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker's stock worth $37,067,000 after purchasing an additional 47,827 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares of the company's stock, valued at $8,953,845.60. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Vladimir Shmunis sold 66,112 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the sale, the chief executive officer now directly owns 568,300 shares in the company, valued at approximately $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 247,740 shares of company stock valued at $7,099,279. Company insiders own 6.97% of the company's stock.

RingCentral Price Performance

RNG traded up $1.32 during trading hours on Thursday, reaching $24.83. The company's stock had a trading volume of 343,767 shares, compared to its average volume of 1,510,225. The stock has a market cap of $2.25 billion, a PE ratio of -38.82, a P/E/G ratio of 1.27 and a beta of 1.30. RingCentral, Inc. has a fifty-two week low of $20.58 and a fifty-two week high of $42.19. The business's 50-day moving average is $26.25 and its 200-day moving average is $32.40.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Analysts expect that RingCentral, Inc. will post 1.29 EPS for the current year.

Wall Street Analysts Forecast Growth

RNG has been the topic of a number of recent analyst reports. StockNews.com lowered RingCentral from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, April 1st. Piper Sandler cut their target price on shares of RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Morgan Stanley decreased their price target on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Rosenblatt Securities cut their price objective on RingCentral from $40.00 to $28.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Wells Fargo & Company reduced their target price on RingCentral from $30.00 to $22.00 and set an "underweight" rating for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $34.46.

RingCentral 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.