Oak Thistle LLC Purchases 28,959 Shares of Ringcentral, Inc. (NYSE:RNG)

Oak Thistle LLC boosted its stake in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 186.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 44,466 shares of the software maker's stock after buying an additional 28,959 shares during the quarter. Oak Thistle LLC's holdings in Ringcentral were worth $1,101,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Ringcentral during the 4th quarter valued at approximately $49,000. Quarry LP increased its position in Ringcentral by 84.1% during the fourth 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 last quarter. GAMMA Investing LLC increased 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 during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Ringcentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after purchasing an additional 468 shares during the last quarter. Finally, Central Pacific Bank Trust Division increased its position in Ringcentral by 41.5% during the first quarter. Central Pacific Bank Trust Division now owns 7,123 shares of the software maker's stock worth $176,000 after purchasing an additional 2,090 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Ringcentral Trading Down 2.3%

Shares of RNG stock traded down $0.63 on Friday, hitting $26.70. 973,048 shares of the stock were exchanged, compared to its average volume of 1,472,195. The firm has a market capitalization of $2.40 billion, a PE ratio of -60.67, a P/E/G ratio of 0.86 and a beta of 1.29. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $42.19. The firm's 50 day moving average is $27.25 and its two-hundred day moving average is $28.17.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results 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 return on equity of 15.63% and a negative net margin of 1.65%. The company had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same quarter in the prior year, the company earned $0.87 EPS. The firm's quarterly revenue was up 4.8% compared to the same quarter last year. On average, sell-side analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 94,956 shares of Ringcentral stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $2,522,031.36. Following the completion of the transaction, the chief executive officer owned 607,719 shares of the company's stock, valued at $16,141,016.64. The trade was a 13.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 14,969 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $26.88, for a total value of $402,366.72. Following the transaction, the chief financial officer directly owned 153,900 shares in the company, valued at approximately $4,136,832. The trade was a 8.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 244,647 shares of company stock worth $6,531,804 over the last quarter. Insiders own 6.97% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on RNG shares. Wall Street Zen raised shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. 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 report on Friday, May 9th. Rosenblatt Securities reissued a "buy" rating and issued a $32.00 price objective on shares of Ringcentral in a research report on Monday, May 19th. Morgan Stanley dropped their price objective on shares of Ringcentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Finally, Mizuho increased their price objective on shares of Ringcentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Ringcentral currently has a consensus rating of "Hold" and an average price target of $33.08.

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.