Two Sigma Investments LP Increases Stock Position in RingCentral, Inc. (NYSE:RNG)

Two Sigma Investments LP raised its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 35.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 796,575 shares of the software maker's stock after purchasing an additional 210,365 shares during the period. Two Sigma Investments LP owned 0.88% of RingCentral worth $27,888,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. State of Wyoming grew its holdings in RingCentral by 142.6% during the fourth quarter. State of Wyoming now owns 12,328 shares of the software maker's stock valued at $432,000 after purchasing an additional 7,246 shares during the period. Sherbrooke Park Advisers LLC boosted its holdings 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 acquiring an additional 14,723 shares during the period. Rafferty Asset Management LLC boosted its holdings 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 acquiring an additional 325 shares during the period. Quantinno Capital Management LP boosted its holdings 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 acquiring an additional 85,276 shares during the period. Finally, Clark Capital Management Group Inc. bought a new position in shares of RingCentral in the fourth quarter worth $3,991,000. 98.61% of the stock is owned by institutional investors.

RingCentral Price Performance

NYSE RNG traded up $0.42 during trading hours on Tuesday, reaching $26.35. 116,439 shares of the stock traded hands, compared to its average volume of 1,410,458. The stock has a 50 day simple moving average of $25.28 and a two-hundred day simple moving average of $31.15. RingCentral, Inc. has a 1 year low of $20.58 and a 1 year high of $42.19. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -41.17, a price-to-earnings-growth 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.04. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. During the same quarter last year, the business posted $0.87 earnings per share. The company's revenue for the quarter was up 4.8% on a year-over-year basis. On average, sell-side analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In other RingCentral news, SVP John H. Marlow sold 29,173 shares of RingCentral 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 directly owns 352,448 shares of the company's stock, valued at approximately $9,361,018.88. The trade was a 7.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 94,956 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 607,719 shares in the company, valued at approximately $16,141,016.64. This represents a 13.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 215,686 shares of company stock worth $5,727,463 over the last 90 days. Corporate insiders own 6.97% of the company's stock.

Analyst Upgrades and Downgrades

RNG has been the subject of a number of analyst reports. Wedbush cut their price target on RingCentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $32.00 price target on shares of RingCentral in a report on Monday, May 19th. Morgan Stanley cut their price target on RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Wells Fargo & Company cut their price target on RingCentral from $30.00 to $22.00 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Finally, UBS Group dropped their price objective on RingCentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral has a consensus rating of "Hold" and an average price target of $33.08.

About RingCentral

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.