20,703 Shares in RingCentral, Inc. (NYSE:RNG) Bought by Pinebridge Investments L.P.

Pinebridge Investments L.P. bought a new position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 20,703 shares of the software maker's stock, valued at approximately $725,000.

A number of other institutional investors and hedge funds have also bought and sold shares of RNG. Capital World Investors boosted its holdings in shares of RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock worth $373,327,000 after acquiring an additional 591,398 shares during the period. First Trust Advisors LP boosted its stake in RingCentral by 35.6% in the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock valued at $70,345,000 after purchasing an additional 527,901 shares during the period. Renaissance Technologies LLC boosted its stake in RingCentral by 11.1% in 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 during the period. Hennessy Advisors Inc. bought a new position in RingCentral during the 4th quarter worth $59,055,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of RingCentral by 414.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after buying an additional 1,164,241 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Analyst Ratings Changes

RNG has been the topic of several research reports. Barclays decreased their price target on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. StockNews.com cut shares of RingCentral from a "strong-buy" rating to a "buy" rating in a report on Tuesday, April 1st. 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 report on Friday, February 21st. Raymond James reduced their price target on RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a research report on Friday, February 21st. Finally, Robert W. Baird dropped their price objective on RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $34.46.

RingCentral Stock Up 1.8 %

Shares of RNG traded up $0.45 during midday trading on Friday, hitting $25.83. The company's stock had a trading volume of 1,087,792 shares, compared to its average volume of 1,345,714. RingCentral, Inc. has a one year low of $20.59 and a one year high of $42.19. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -40.36, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. The company's fifty day simple moving average is $25.45 and its two-hundred day simple moving average is $32.09.

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

Insider Activity at RingCentral

In related news, SVP John H. Marlow sold 35,089 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the sale, the senior vice president now owns 313,510 shares in the company, valued at $8,953,845.60. The trade was a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 value of $1,906,008.96. Following the completion of the transaction, the chief executive officer now directly owns 568,300 shares of the company's stock, valued at approximately $16,384,089. The trade was a 10.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 in 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.