AQR Capital Management LLC Grows Stock Position in RingCentral, Inc. (NYSE:RNG)

AQR Capital Management LLC raised its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 24.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,612,270 shares of the software maker's stock after buying an additional 317,689 shares during the quarter. AQR Capital Management LLC owned about 1.78% of RingCentral worth $56,446,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in RingCentral during the fourth quarter valued at approximately $49,000. Venturi Wealth Management LLC lifted its holdings in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after purchasing an additional 1,028 shares during the last quarter. KBC Group NV boosted its position in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after purchasing an additional 819 shares in the last quarter. Quarry LP grew its stake in RingCentral by 84.1% during the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after buying an additional 1,599 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in RingCentral during the 4th quarter worth $173,000. 98.61% of the stock is currently owned by institutional investors.

Insider Activity at RingCentral

In other RingCentral news, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares of the company's stock, valued at $10,046,623.18. The trade was a 6.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction 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 $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Raymond James lowered their price target on RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a report on Friday, February 21st. Morgan Stanley lowered their target price on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. StockNews.com upgraded shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday. Rosenblatt Securities lowered their price objective on shares of RingCentral from $40.00 to $28.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Finally, UBS Group cut their target price on RingCentral from $40.00 to $38.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $34.46.

RingCentral Stock Up 0.3 %

Shares of RingCentral stock traded up $0.08 on Tuesday, reaching $25.82. The company's stock had a trading volume of 400,925 shares, compared to its average volume of 1,340,371. The company has a market capitalization of $2.34 billion, a P/E ratio of -40.40, a PEG ratio of 1.27 and a beta of 1.30. The stock has a 50-day moving average price of $25.40 and a 200-day moving average price of $32.04. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate 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 return on equity of 12.34% and a negative net margin of 2.43%. Sell-side analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

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.