Dark Forest Capital Management LP Makes New $643,000 Investment in RingCentral, Inc. (NYSE:RNG)

Dark Forest Capital Management LP purchased a new position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,361 shares of the software maker's stock, valued at approximately $643,000.

Other large investors also recently added to or reduced their stakes in the company. Fort Washington Investment Advisors Inc. OH raised its stake in shares of RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker's stock valued at $19,266,000 after acquiring an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in RingCentral in the fourth quarter valued at $59,055,000. Beaumont Financial Advisors LLC acquired a new stake in RingCentral in the fourth quarter valued at $262,000. 272 Capital LP acquired a new stake in RingCentral in the third quarter valued at $436,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in RingCentral by 106.9% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker's stock valued at $6,484,000 after buying an additional 95,684 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on RNG shares. Needham & Company LLC cut their price target on RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Wells Fargo & Company dropped their price objective on RingCentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Mizuho dropped their price objective on RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Raymond James dropped their price objective on RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. Finally, StockNews.com lowered RingCentral from a "strong-buy" rating to a "buy" rating in a report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $34.46.

RingCentral Price Performance

NYSE RNG traded up $0.13 on Thursday, hitting $25.63. 367,676 shares of the company were exchanged, compared to its average volume of 1,336,501. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19. The company's 50 day moving average price is $25.58 and its 200-day moving average price is $32.20. The firm has a market capitalization of $2.33 billion, a P/E ratio of -40.09, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30.

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

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction on 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 of the company's stock, valued at approximately $16,384,089. This trade represents a 10.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction dated 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 transaction, the senior vice president now directly owns 313,510 shares of the company's stock, valued at $8,953,845.60. This represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 247,740 shares of company stock valued at $7,099,279. 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.