Alyeska Investment Group L.P. Has $57.88 Million Holdings in RingCentral, Inc. (NYSE:RNG)

Alyeska Investment Group L.P. cut its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 17.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,653,192 shares of the software maker's stock after selling 339,456 shares during the quarter. Alyeska Investment Group L.P. owned about 1.83% of RingCentral worth $57,878,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Capital World Investors raised its position 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 purchasing an additional 591,398 shares during the period. First Trust Advisors LP raised its holdings in RingCentral by 35.6% during the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock worth $70,345,000 after buying an additional 527,901 shares during the period. Renaissance Technologies LLC lifted its stake in RingCentral by 11.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker's stock valued at $62,853,000 after buying an additional 180,000 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in shares of RingCentral in the fourth quarter worth about $59,055,000. Finally, AQR Capital Management LLC boosted its holdings in shares of RingCentral by 24.5% in the fourth quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock worth $56,446,000 after buying an additional 317,689 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Stock Up 5.0 %

Shares of RNG traded up $1.33 during mid-day trading on Friday, hitting $28.00. 1,528,410 shares of the company's stock were exchanged, compared to its average volume of 1,335,463. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of -43.75, a P/E/G 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 twelve month low of $20.59 and a twelve month high of $42.19.

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

Analyst Ratings Changes

Several brokerages recently commented on RNG. Morgan Stanley reduced their price target on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Raymond James decreased their target price on RingCentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research report on Friday. Barclays dropped their price target on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. UBS Group reduced their price objective on RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Finally, Rosenblatt Securities lowered their target price on RingCentral from $40.00 to $28.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, RingCentral presently has a consensus rating of "Hold" and an average price target of $33.00.

Insiders Place Their Bets

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of the company's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the completion of the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the transaction, the senior vice president now 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 disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 over the last 90 days. 6.97% of the stock is currently 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.