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

Lecap Asset Management Ltd. purchased a new position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 52,805 shares of the software maker's stock, valued at approximately $1,307,000. Lecap Asset Management Ltd. owned 0.06% of Ringcentral as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in RNG. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Ringcentral during the 4th quarter valued at approximately $49,000. Quarry LP raised its holdings in Ringcentral by 84.1% in the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after purchasing an additional 1,599 shares during the period. GAMMA Investing LLC boosted its position in Ringcentral by 1,803.3% during the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock worth $145,000 after purchasing an additional 5,536 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in Ringcentral in the fourth quarter valued at approximately $173,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Ringcentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after buying an additional 468 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Ringcentral Trading Up 0.7%

RNG stock traded up $0.20 during midday trading on Friday, hitting $27.87. 2,560,000 shares of the company's stock were exchanged, compared to its average volume of 1,328,208. Ringcentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19. The stock has a market capitalization of $2.51 billion, a PE ratio of -63.33, a P/E/G ratio of 0.89 and a beta of 1.27. The business has a 50-day simple moving average of $26.43 and a two-hundred day simple moving average of $29.45.

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on RNG. Mizuho lifted their target price on shares of Ringcentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. Wall Street Zen cut Ringcentral from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 7th. Piper Sandler lifted their price target on Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. UBS Group decreased their price objective on Ringcentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, Raymond James Financial dropped their target price on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $33.08.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 94,956 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 607,719 shares in the company, valued at $16,141,016.64. This trade represents a 13.51% 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 29,173 shares of Ringcentral stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total value of $774,834.88. Following the completion of the transaction, the senior vice president now directly owns 352,448 shares of the company's stock, valued at approximately $9,361,018.88. This represents a 7.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 215,686 shares of company stock valued at $5,727,463. Company 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.