Lecap Asset Management Ltd. Takes $1.31 Million Position in Ringcentral, Inc. (NYSE:RNG)

Lecap Asset Management Ltd. acquired a new stake in Ringcentral, Inc. (NYSE:RNG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 52,805 shares of the software maker's stock, valued at approximately $1,307,000. Lecap Asset Management Ltd. owned about 0.06% of Ringcentral at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RNG. Arrowstreet Capital Limited Partnership lifted its stake 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 valued at $50,598,000 after purchasing an additional 1,164,241 shares during the last quarter. Capital World Investors lifted its stake in 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 during the last quarter. First Trust Advisors LP lifted its stake in 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 during the last quarter. Wellington Management Group LLP bought a new position in Ringcentral in the 4th quarter valued at approximately $15,630,000. Finally, Norges Bank bought a new position in Ringcentral in the 4th quarter valued at approximately $11,554,000. Institutional investors own 98.61% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wedbush dropped their price target on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Raymond James Financial dropped their price target on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. UBS Group dropped their price target on shares of Ringcentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Wall Street Zen downgraded shares of Ringcentral from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 7th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $32.00 price target on shares of Ringcentral in a research note on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $33.08.

Insiders Place Their Bets

In other Ringcentral news, CFO Vaibhav Agarwal sold 2,247 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $27.97, for a total value of $62,848.59. Following the completion of the sale, the chief financial officer now directly owns 120,982 shares in the company, valued at approximately $3,383,866.54. This trade represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 94,956 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $2,522,031.36. Following the completion of the sale, the chief executive officer now owns 607,719 shares of the company's stock, valued at $16,141,016.64. The trade was a 13.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 215,686 shares of company stock worth $5,727,463. 6.97% of the stock is currently owned by company insiders.

Ringcentral Price Performance

Shares of RNG traded up $0.20 during trading hours on Friday, hitting $27.87. 2,560,000 shares of the stock were exchanged, compared to its average volume of 1,321,931. Ringcentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19. The business has a 50-day moving average of $26.43 and a 200-day moving average of $29.28. The firm has a market capitalization of $2.51 billion, a P/E ratio of -63.33, a price-to-earnings-growth ratio of 0.90 and a beta of 1.27.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.04. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The company had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. During the same period in the prior year, the company posted $0.87 earnings per share. Ringcentral's revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Ringcentral 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.