35,000 Shares in RingCentral, Inc. (NYSE:RNG) Purchased by Diker Management LLC

Diker Management LLC purchased a new position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 35,000 shares of the software maker's stock, valued at approximately $1,225,000. RingCentral makes up approximately 1.1% of Diker Management LLC's portfolio, making the stock its 21st biggest position.

Several other large investors also recently made changes to their positions in RNG. Centiva Capital LP increased its stake in shares of RingCentral by 22.4% in the 4th quarter. Centiva Capital LP now owns 15,629 shares of the software maker's stock valued at $547,000 after acquiring an additional 2,858 shares during the last quarter. Brevan Howard Capital Management LP grew its holdings in shares of RingCentral by 96.2% in the 4th quarter. Brevan Howard Capital Management LP now owns 34,159 shares of the software maker's stock valued at $1,196,000 after acquiring an additional 16,750 shares in the last quarter. Captrust Financial Advisors acquired a new position in RingCentral during the fourth quarter worth $225,000. Caxton Associates LP bought a new position in RingCentral during the fourth quarter worth about $2,663,000. Finally, Bastion Asset Management Inc. bought a new position in RingCentral during the fourth quarter worth about $3,819,000. Institutional investors own 98.61% of the company's stock.

RingCentral Trading Down 0.5%

RNG traded down $0.14 on Tuesday, hitting $28.22. The company had a trading volume of 689,653 shares, compared to its average volume of 1,339,331. RingCentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19. The company's fifty day moving average price is $25.28 and its 200 day moving average price is $31.79. The firm has a market cap of $2.56 billion, a P/E ratio of -44.09, a PEG ratio of 1.27 and a beta of 1.33.

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

Insider Activity at RingCentral

In other news, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction on 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 $12,701,774.40. This represents a 21.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the 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 completion of the sale, the senior vice president now owns 313,510 shares of the company's stock, valued at approximately $8,953,845.60. The trade was a 10.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 247,740 shares of company stock worth $7,099,279. Company insiders own 6.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on RNG shares. Robert W. Baird lowered their target price 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. Morgan Stanley reduced their price target on RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. 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. Wedbush reduced their price objective on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research note on Friday. Finally, Mizuho lifted their target price on RingCentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Monday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $32.77.

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.