Axa S.A. Grows Stake in RingCentral, Inc. (NYSE:RNG)

AXA S.A. grew its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 54.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 110,427 shares of the software maker's stock after purchasing an additional 39,002 shares during the quarter. AXA S.A. owned about 0.12% of RingCentral worth $3,866,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hennessy Advisors Inc. bought a new stake in RingCentral during the 4th quarter valued at approximately $59,055,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of RingCentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock valued at $50,598,000 after purchasing an additional 1,164,241 shares during the period. Valley Wealth Managers Inc. bought a new stake in shares of RingCentral during the fourth quarter valued at approximately $20,792,000. Capital World Investors boosted 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 valued at $373,327,000 after purchasing an additional 591,398 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in RingCentral by 35.6% in the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock worth $70,345,000 after purchasing an additional 527,901 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at RingCentral

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 transaction, the chief executive officer now owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 22,979 shares of the firm's stock in a transaction dated Friday, February 21st. The shares were 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 approximately $10,046,623.18. The trade was a 6.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock valued at $7,099,279 over the last ninety days. Insiders own 6.97% of the company's stock.

RingCentral Stock Performance

Shares of NYSE:RNG traded down $0.18 during trading on Tuesday, reaching $28.18. 443,738 shares of the stock traded hands, compared to its average volume of 1,338,384. The stock has a market cap of $2.56 billion, a P/E ratio of -44.03, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The stock has a 50-day moving average of $25.28 and a two-hundred day moving average of $31.79. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating the consensus estimate of $0.96 by $0.04. The business 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 company's revenue was up 4.8% compared to the same quarter last year. During the same period last year, the business posted $0.87 EPS. Sell-side analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on RNG. Morgan Stanley lowered their price objective on RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company lowered their price target on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Raymond James dropped their price objective on shares of RingCentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research note on Friday. StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, May 5th. Finally, Robert W. Baird lowered their target price on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $32.77.

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.