Algert Global LLC Sells 33,427 Shares of RingCentral, Inc. (NYSE:RNG)

Algert Global LLC cut its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 10.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 284,307 shares of the software maker's stock after selling 33,427 shares during the period. Algert Global LLC owned 0.31% of RingCentral worth $9,954,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital World Investors increased its holdings in RingCentral by 5.9% during the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock valued at $373,327,000 after purchasing an additional 591,398 shares during the period. First Trust Advisors LP lifted its holdings in shares of RingCentral by 35.6% during the fourth 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 in the last quarter. Renaissance Technologies LLC boosted its stake 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 worth $62,853,000 after acquiring an additional 180,000 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in shares of RingCentral in the fourth quarter valued at about $59,055,000. Finally, AQR Capital Management LLC lifted its stake in RingCentral by 24.5% in the 4th quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock worth $56,446,000 after purchasing an additional 317,689 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Raymond James cut their price objective on shares of RingCentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research report on Friday. Mizuho cut their price objective on shares of RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Rosenblatt Securities lowered their price target on shares of RingCentral from $40.00 to $28.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Robert W. Baird lowered their price target on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. 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 investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, RingCentral presently has an average rating of "Hold" and an average target price of $33.00.

RingCentral Price Performance

RNG stock traded up $1.24 on Friday, reaching $27.91. The company's stock had a trading volume of 1,535,774 shares, compared to its average volume of 1,448,621. The company has a market capitalization of $2.53 billion, a P/E ratio of -43.61, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The firm has a fifty day moving average of $25.27 and a two-hundred day moving average of $31.90. RingCentral, Inc. has a 52 week low of $20.58 and a 52 week high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.04. The company had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The firm's revenue was up 4.8% compared to the same quarter last year. During the same period last year, the business posted $0.87 earnings per share. As a group, equities analysts expect that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Transactions at RingCentral

In other news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction on 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 in the company, valued at approximately $16,384,089. This represents a 10.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares of the company's stock, valued at $8,953,845.60. This represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 247,740 shares of company stock valued at $7,099,279 over the last 90 days. 6.97% of the stock is owned by company insiders.

About RingCentral

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.