Two Sigma Advisers LP Buys 182,800 Shares of RingCentral, Inc. (NYSE:RNG)

Two Sigma Advisers LP grew its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 79.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 412,700 shares of the software maker's stock after buying an additional 182,800 shares during the quarter. Two Sigma Advisers LP owned 0.46% of RingCentral worth $14,449,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in RNG. Two Sigma Investments LP lifted its position in shares of RingCentral by 35.9% in the fourth quarter. Two Sigma Investments LP now owns 796,575 shares of the software maker's stock worth $27,888,000 after purchasing an additional 210,365 shares in the last quarter. State of Wyoming lifted its position in shares of RingCentral by 142.6% in the fourth quarter. State of Wyoming now owns 12,328 shares of the software maker's stock worth $432,000 after purchasing an additional 7,246 shares in the last quarter. Sherbrooke Park Advisers LLC lifted its position in shares of RingCentral by 113.7% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 27,669 shares of the software maker's stock worth $969,000 after purchasing an additional 14,723 shares in the last quarter. Rafferty Asset Management LLC lifted its position in shares of RingCentral by 1.7% in the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock worth $689,000 after purchasing an additional 325 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of RingCentral by 62.9% in the fourth quarter. Quantinno Capital Management LP now owns 220,750 shares of the software maker's stock worth $7,728,000 after purchasing an additional 85,276 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

RingCentral Stock Performance

Shares of RNG stock traded up $0.44 on Tuesday, hitting $26.37. The company's stock had a trading volume of 134,782 shares, compared to its average volume of 1,336,236. The stock's 50 day moving average is $25.28 and its 200-day moving average is $31.15. RingCentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19. The company has a market capitalization of $2.37 billion, a PE ratio of -41.20, a PEG ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating the consensus estimate of $0.96 by $0.04. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. During the same period in the prior year, the company posted $0.87 earnings per share. RingCentral's revenue was up 4.8% compared to the same quarter last year. On average, research analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on RNG. Raymond James dropped their price target on shares of RingCentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Barclays dropped their price target on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Wall Street Zen raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Rosenblatt Securities reaffirmed a "buy" rating and set a $32.00 price target on shares of RingCentral in a research report on Monday, May 19th. Finally, UBS Group dropped their price target on shares of RingCentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $33.08.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 94,956 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total transaction of $2,522,031.36. Following the sale, the chief executive officer now owns 607,719 shares in the company, valued at approximately $16,141,016.64. This trade represents a 13.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John H. Marlow sold 29,173 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $774,834.88. Following the sale, the senior vice president now owns 352,448 shares in the company, valued at $9,361,018.88. This represents a 7.64% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 215,686 shares of company stock worth $5,727,463. Corporate insiders own 6.97% of the company's stock.

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.