XTX Topco Ltd Purchases 31,881 Shares of Ringcentral, Inc. (NYSE:RNG)

Key Points

• XTX Topco Ltd increased its holdings in Ringcentral, Inc. by 267.6% during the first quarter, now owning 43,795 shares valued at approximately $1,084,000.
• Several institutional investors, including LPL Financial LLC and Alliancebernstein L.P., have also raised their stakes in Ringcentral during the past quarter, indicating strong institutional interest.
• Ringcentral reported a positive earnings surprise for the latest quarter, with earnings per share of $1.00, surpassing expectations and showing a 4.8% revenue increase year-over-year.

XTX Topco Ltd boosted its stake in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 267.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 43,795 shares of the software maker's stock after acquiring an additional 31,881 shares during the period. XTX Topco Ltd's holdings in Ringcentral were worth $1,084,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Federated Hermes Inc. boosted its stake in Ringcentral by 7.7% during the first quarter. Federated Hermes Inc. now owns 26,633 shares of the software maker's stock worth $659,000 after buying an additional 1,894 shares during the period. Mackenzie Financial Corp grew its position in shares of Ringcentral by 51.5% in the 1st quarter. Mackenzie Financial Corp now owns 192,958 shares of the software maker's stock valued at $4,778,000 after buying an additional 65,552 shares during the last quarter. Bastion Asset Management Inc. grew its position in shares of Ringcentral by 189.0% in the 1st quarter. Bastion Asset Management Inc. now owns 311,236 shares of the software maker's stock valued at $7,706,000 after buying an additional 203,547 shares during the last quarter. Cetera Investment Advisers acquired a new position in shares of Ringcentral in the 1st quarter valued at $256,000. Finally, Tempus Wealth Planning LLC acquired a new position in Ringcentral in the 1st quarter valued at $344,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Morgan Stanley decreased their price objective on shares of Ringcentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. UBS Group lowered their price objective on shares of Ringcentral from $33.00 to $32.00 and set a "neutral" rating for the company in a research report on Wednesday. Raymond James Financial lowered their target price 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. Wedbush reduced their price objective on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Jefferies Financial Group reduced their price objective on shares of Ringcentral from $30.00 to $29.00 and set a "hold" rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $30.62.

Ringcentral Trading Down 3.1%

Ringcentral stock traded down $0.93 during mid-day trading on Thursday, hitting $29.06. The stock had a trading volume of 2,004,217 shares, compared to its average volume of 1,425,407. Ringcentral, Inc. has a 12 month low of $20.58 and a 12 month high of $42.19. The stock has a market capitalization of $2.61 billion, a PE ratio of -207.59, a P/E/G ratio of 0.77 and a beta of 1.28. The stock has a 50-day simple moving average of $27.15 and a two-hundred day simple moving average of $27.76.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.04. The firm had revenue of $620.40 million for the quarter, compared to analyst estimates of $617.90 million. Ringcentral had a negative return on equity of 19.09% and a negative net margin of 0.50%. The business's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 EPS. Sell-side analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Kira Makagon sold 21,185 shares of the company's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $27.69, for a total transaction of $586,612.65. Following the completion of the sale, the chief operating officer directly owned 413,131 shares in the company, valued at $11,439,597.39. This represents a 4.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Vladimir Shmunis sold 54,899 shares of the company's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $26.44, for a total value of $1,451,529.56. Following the completion of the transaction, the chief executive officer directly owned 552,820 shares of the company's stock, valued at approximately $14,616,560.80. The trade was a 9.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 244,647 shares of company stock worth $6,531,804 over the last three months. 6.97% of the stock is currently owned by corporate insiders.

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.