Freestone Grove Partners LP Takes Position in RingCentral, Inc. (NYSE:RNG)

Freestone Grove Partners LP purchased a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 15,458 shares of the software maker's stock, valued at approximately $541,000.

A number of other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. purchased a new stake in shares of RingCentral during the 3rd quarter worth $233,000. Central Pacific Bank Trust Division lifted its stake in RingCentral by 31.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker's stock worth $176,000 after purchasing an additional 1,194 shares during the last quarter. Diversified Trust Co boosted its holdings in RingCentral by 89.9% in the fourth quarter. Diversified Trust Co now owns 28,499 shares of the software maker's stock valued at $998,000 after purchasing an additional 13,491 shares in the last quarter. Sovereign Financial Group Inc. raised its holdings in RingCentral by 4.0% during the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock worth $353,000 after purchasing an additional 386 shares in the last quarter. Finally, Oak Thistle LLC purchased a new stake in shares of RingCentral during the 4th quarter worth approximately $543,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on RNG shares. Barclays reduced their price target on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Wells Fargo & Company lowered their target price on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 22nd. Wedbush lowered their price objective on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research report on Friday. Needham & Company LLC initiated coverage on shares of RingCentral in a report on Friday. They issued a "buy" rating and a $36.00 target price for the company. Finally, StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, RingCentral presently has an average rating of "Hold" and an average price target of $33.00.

Insiders Place Their Bets

In other news, SVP John H. Marlow sold 35,089 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now directly owns 313,510 shares in the company, valued at $8,953,845.60. This represents a 10.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock valued at $7,099,279 in the last ninety days. Insiders own 6.97% of the company's stock.

RingCentral Stock Performance

RNG stock traded up $1.50 during midday trading on Friday, hitting $28.17. 1,409,124 shares of the stock were exchanged, compared to its average volume of 1,335,073. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -44.02, a PEG ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19. The stock's 50-day moving average price is $25.27 and its 200-day moving average price is $31.90.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) 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 firm had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. During the same quarter in the prior year, the company earned $0.87 EPS. RingCentral's revenue was up 4.8% on a year-over-year basis. Research analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current year.

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.