Dynamic Technology Lab Private Ltd Acquires 26,854 Shares of RingCentral, Inc. (NYSE:RNG)

Dynamic Technology Lab Private Ltd boosted its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 164.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 43,157 shares of the software maker's stock after acquiring an additional 26,854 shares during the quarter. Dynamic Technology Lab Private Ltd's holdings in RingCentral were worth $1,511,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Hennessy Advisors Inc. acquired a new stake in shares of RingCentral during the fourth quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership lifted its position in RingCentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after buying an additional 1,164,241 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of RingCentral by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker's stock valued at $47,267,000 after buying an additional 58,814 shares during the period. Jupiter Asset Management Ltd. grew its holdings in shares of RingCentral by 4.7% during the 4th quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker's stock valued at $37,067,000 after acquiring an additional 47,827 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of RingCentral by 1.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker's stock worth $29,135,000 after acquiring an additional 10,110 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

RingCentral Stock Down 5.9 %

RNG stock traded down $1.44 during mid-day trading on Thursday, reaching $22.92. 497,969 shares of the stock traded hands, compared to its average volume of 1,318,748. The firm has a market capitalization of $2.08 billion, a PE ratio of -35.67, a P/E/G ratio of 1.27 and a beta of 1.30. The business has a 50-day moving average of $28.59 and a two-hundred day moving average of $32.98. 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 released its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, equities research analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RNG shares. Barclays reduced their price objective on RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Rosenblatt Securities reduced their price target on RingCentral from $45.00 to $40.00 and set a "buy" rating for the company in a report on Friday, February 21st. Piper Sandler dropped their price objective on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. Raymond James reduced their target price on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a research note on Friday, February 21st. Finally, UBS Group decreased their target price on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $37.69.

Insider Buying and Selling

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the firm's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the sale, the senior vice president now directly owns 313,510 shares in the company, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 directly owns 444,740 shares of the company's stock, valued at $12,701,774.40. This represents a 21.74 % 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 valued at $7,099,279. 6.97% of the stock is 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.