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

Renaissance Technologies LLC lifted its stake in shares of RingCentral, Inc. (NYSE:RNG) by 11.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,795,300 shares of the software maker’s stock after acquiring an additional 180,000 shares during the quarter. Renaissance Technologies LLC owned approximately 1.99% of RingCentral worth $62,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Sovereign Financial Group Inc. increased its holdings in shares of RingCentral by 4.0% during the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock valued at $353,000 after acquiring an additional 386 shares in the last quarter. Gagnon Securities LLC boosted its position in shares of RingCentral by 5.6% during the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock valued at $270,000 after buying an additional 407 shares during the last quarter. Xponance Inc. boosted its position in shares of RingCentral by 4.2% during the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after buying an additional 426 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of RingCentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after buying an additional 468 shares during the last quarter. Finally, Private Advisor Group LLC boosted its position in shares of RingCentral by 9.6% during the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock valued at $311,000 after buying an additional 777 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RNG has been the subject of several research reports. Piper Sandler cut 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. Rosenblatt Securities cut their price target on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Morgan Stanley increased their price target on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Raymond James cut their price target on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. Finally, Barclays cut their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, RingCentral currently has a consensus rating of “Hold” and a consensus target price of $37.69.

Insider Activity at RingCentral

In related news, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total transaction of $662,254.78. Following the sale, the senior vice president now directly owns 348,599 shares in the company, valued at $10,046,623.18. The trade was a 6.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at $16,384,089. The trade was a 10.42 % decrease in their position. 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 ninety days. 6.97% of the stock is owned by corporate insiders.

RingCentral Price Performance

RNG opened at $24.38 on Thursday. The stock’s 50 day simple moving average is $28.59 and its 200 day simple moving average is $32.98. RingCentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of -38.09, a PEG ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. As a group, sell-side analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current year.

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.