Quantinno Capital Management LP Purchases 85,276 Shares of RingCentral, Inc. (NYSE:RNG)

Quantinno Capital Management LP raised its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 62.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 220,750 shares of the software maker's stock after purchasing an additional 85,276 shares during the period. Quantinno Capital Management LP owned 0.24% of RingCentral worth $7,728,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Clark Capital Management Group Inc. bought a new position in RingCentral during the 4th quarter worth $3,991,000. Deutsche Bank AG raised its position in RingCentral by 18.8% during the 4th quarter. Deutsche Bank AG now owns 75,154 shares of the software maker's stock worth $2,631,000 after purchasing an additional 11,902 shares during the last quarter. Diker Management LLC bought a new position in RingCentral during the 4th quarter worth $1,225,000. Centiva Capital LP raised its position in RingCentral by 22.4% during the 4th quarter. Centiva Capital LP now owns 15,629 shares of the software maker's stock worth $547,000 after purchasing an additional 2,858 shares during the last quarter. Finally, Brevan Howard Capital Management LP raised its position in RingCentral by 96.2% during the 4th quarter. Brevan Howard Capital Management LP now owns 34,159 shares of the software maker's stock worth $1,196,000 after purchasing an additional 16,750 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RNG shares. Morgan Stanley cut their target price on RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Wedbush decreased their target price on RingCentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Raymond James decreased their target price on RingCentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. StockNews.com raised RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 13th. Finally, Piper Sandler raised their target price on RingCentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $33.08.

RingCentral Stock Performance

RingCentral stock traded down $0.42 during mid-day trading on Wednesday, reaching $26.92. The stock had a trading volume of 573,721 shares, compared to its average volume of 1,338,168. 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 simple moving average is $25.36 and its 200-day simple moving average is $31.51. The firm has a market capitalization of $2.44 billion, a PE ratio of -42.04, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33.

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

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the sale, the chief executive officer now owns 444,740 shares of the company's stock, valued at approximately $12,701,774.40. This trade represents a 21.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the sale, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. The trade was a 10.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 249,987 shares of company stock valued at $7,162,128. Insiders own 6.97% of the company's stock.

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.