76,075 Shares in RingCentral, Inc. (NYSE:RNG) Purchased by Caxton Associates LP

Caxton Associates LP bought a new position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 76,075 shares of the software maker's stock, valued at approximately $2,663,000. Caxton Associates LP owned about 0.08% of RingCentral at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RNG. Hennessy Advisors Inc. bought a new stake in RingCentral during the 4th quarter valued at $59,055,000. Arrowstreet Capital Limited Partnership lifted its stake in RingCentral by 414.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after acquiring an additional 1,164,241 shares during the period. Valley Wealth Managers Inc. bought a new position in RingCentral during the 4th quarter worth about $20,792,000. Capital World Investors raised its holdings in shares of RingCentral by 5.9% in 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 in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of 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 in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at RingCentral

In related news, CEO Vladimir Shmunis sold 66,112 shares of the firm's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction 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 $16,384,089. This trade represents a 10.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John H. Marlow sold 22,979 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the transaction, the senior vice president now directly owns 348,599 shares of the company's stock, 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. In the last three months, insiders have sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wedbush dropped their target price on RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research report on Friday. Mizuho cut their target price on RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley decreased 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 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. Finally, Rosenblatt Securities decreased their target price on shares of RingCentral from $40.00 to $28.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $32.62.

RingCentral Trading Up 4.1 %

RNG stock traded up $1.10 during trading on Friday, reaching $27.77. 2,485,228 shares of the stock were exchanged, compared to its average volume of 1,340,466. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of -43.39, a P/E/G ratio of 1.27 and a beta of 1.33. The business has a 50 day moving average price of $25.27 and a 200-day moving average price of $31.85. RingCentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly 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 analyst estimates 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 quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.87 EPS. On average, research analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current year.

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.