Marshall Wace LLP Has $5.98 Million Holdings in RingCentral, Inc. (NYSE:RNG)

Marshall Wace LLP lowered its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 55.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 170,800 shares of the software maker's stock after selling 210,375 shares during the period. Marshall Wace LLP owned about 0.19% of RingCentral worth $5,980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in RNG. Hennessy Advisors Inc. purchased a new position in shares of RingCentral in the 4th quarter valued at about $59,055,000. Arrowstreet Capital Limited Partnership lifted its position in shares of RingCentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after buying an additional 1,164,241 shares during the last quarter. Valley Wealth Managers Inc. acquired a new position in shares of RingCentral in the 4th quarter valued at $20,792,000. Wellington Management Group LLP purchased a new position in shares of RingCentral in the 4th quarter valued at $15,630,000. Finally, Norges Bank acquired a new stake in RingCentral during the 4th quarter worth $11,554,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insider Buying and Selling at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the sale, the chief executive officer now owns 568,300 shares in the company, valued at approximately $16,384,089. This represents a 10.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John H. Marlow sold 35,089 shares of the business's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares of the company's stock, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Robert W. Baird dropped their price objective on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. Barclays dropped their price target on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. StockNews.com cut RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 1st. Piper Sandler lowered their target price on shares of RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. Finally, Morgan Stanley reduced their price target 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. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $34.46.

RingCentral Price Performance

Shares of NYSE RNG traded up $0.19 during trading on Tuesday, hitting $25.23. 79,700 shares of the company were exchanged, compared to its average volume of 1,335,227. RingCentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19. The company has a market cap of $2.29 billion, a price-to-earnings ratio of -39.46, a PEG ratio of 1.27 and a beta of 1.30. The firm's fifty day moving average price is $25.76 and its 200 day moving average price is $32.30.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). The company had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, research analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current year.

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.