Point72 Asset Management L.P. Makes New Investment in RingCentral Inc (NYSE:RNG)

Point72 Asset Management L.P. purchased a new position in shares of RingCentral Inc (NYSE:RNG) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 81,896 shares of the software maker’s stock, valued at approximately $13,813,000. Point72 Asset Management L.P. owned approximately 0.10% of RingCentral as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of RNG. Security National Trust Co. acquired a new position in RingCentral in the fourth quarter valued at $25,000. Penserra Capital Management LLC acquired a new stake in shares of RingCentral in the fourth quarter valued at about $45,000. Orion Portfolio Solutions LLC bought a new stake in RingCentral during the fourth quarter worth about $49,000. Mine & Arao Wealth Creation & Management LLC. bought a new stake in RingCentral during the fourth quarter worth about $51,000. Finally, Banque Cantonale Vaudoise bought a new stake in RingCentral during the fourth quarter worth about $62,000. 85.19% of the stock is owned by institutional investors and hedge funds.

In other news, CEO Vladimir Shmunis sold 12,607 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $206.84, for a total value of $2,607,631.88. Following the transaction, the chief executive officer now owns 179,197 shares in the company, valued at approximately $37,065,107.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Praful Shah sold 6,230 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $190.83, for a total transaction of $1,188,870.90. Following the completion of the transaction, the insider now owns 248,360 shares in the company, valued at approximately $47,394,538.80. The disclosure for this sale can be found here. Insiders have sold a total of 110,940 shares of company stock valued at $24,783,715 in the last three months. Insiders own 11.03% of the company’s stock.

Several equities analysts recently weighed in on RNG shares. Piper Jaffray Companies initiated coverage on shares of RingCentral in a research note on Tuesday, December 10th. They issued an “overweight” rating and a $194.00 target price for the company. Deutsche Bank initiated coverage on RingCentral in a research note on Tuesday, March 10th. They issued a “buy” rating and a $255.00 price target on the stock. Northland Securities raised their price target on RingCentral from $185.00 to $239.00 and gave the company an “outperform” rating in a report on Tuesday, February 11th. Needham & Company LLC lifted their price objective on shares of RingCentral from $220.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Finally, William Blair reiterated a “buy” rating on shares of RingCentral in a report on Thursday, February 6th. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $226.86.

Shares of NYSE:RNG traded up $27.44 during trading on Thursday, hitting $217.80. 1,761,624 shares of the company were exchanged, compared to its average volume of 1,441,719. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.56. RingCentral Inc has a 1-year low of $101.33 and a 1-year high of $252.20. The company has a market capitalization of $16.58 billion, a P/E ratio of -340.31 and a beta of 0.55. The business’s 50 day moving average is $214.16 and its 200-day moving average is $177.65.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, February 10th. The software maker reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. RingCentral had a negative return on equity of 2.87% and a negative net margin of 5.94%. The business had revenue of $252.87 million for the quarter, compared to analyst estimates of $237.38 million. During the same quarter in the previous year, the company posted $0.23 EPS. RingCentral’s quarterly revenue was up 34.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that RingCentral Inc will post -0.66 earnings per share for the current year.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

Read More: Understanding Price to Earnings Ratio (PE)

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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