RingCentral, Inc. (NYSE:RNG) Shares Purchased by Trexquant Investment LP

Trexquant Investment LP grew its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 72.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 238,674 shares of the software maker's stock after buying an additional 99,989 shares during the quarter. Trexquant Investment LP owned 0.26% of RingCentral worth $8,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Hennessy Advisors Inc. purchased a new stake in RingCentral in the 4th quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership boosted its stake in RingCentral by 414.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock valued at $50,598,000 after buying an additional 1,164,241 shares during the last quarter. Valley Wealth Managers Inc. purchased a new position in shares of RingCentral in the fourth quarter valued at $20,792,000. Wellington Management Group LLP purchased a new position in shares of RingCentral in the 4th quarter worth $15,630,000. Finally, Norges Bank bought a new stake in RingCentral during the fourth quarter worth approximately $11,554,000. Institutional investors own 98.61% of the company's stock.

Analyst Upgrades and Downgrades

RNG has been the subject of several recent analyst reports. Wells Fargo & Company reaffirmed an "underweight" rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Needham & Company LLC dropped their price target on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research note on Friday, February 21st. StockNews.com lowered shares of RingCentral from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, April 1st. Morgan Stanley raised their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, December 18th. Finally, Mizuho cut their target price on RingCentral from $42.00 to $36.00 and set a "neutral" rating on the stock in a research note on Monday, February 10th. 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 stock. According to data from MarketBeat, RingCentral presently has a consensus rating of "Hold" and a consensus price target of $37.69.

RingCentral Stock Up 13.3 %

NYSE:RNG traded up $2.87 during mid-day trading on Wednesday, reaching $24.38. The company's stock had a trading volume of 2,805,002 shares, compared to its average volume of 1,321,824. RingCentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19. The stock has a fifty day moving average of $28.59 and a 200-day moving average of $32.98. The firm has a market capitalization of $2.21 billion, a PE ratio of -38.09, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last announced 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). The business had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. On average, analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In related news, CEO Vladimir Shmunis sold 66,112 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 568,300 shares of the company's stock, valued at $16,384,089. This represents a 10.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP John H. Marlow sold 22,979 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $10,046,623.18. This trade represents a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock worth $7,099,279 over the last quarter. Insiders own 6.97% of the company's stock.

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.