AQR Capital Management LLC Acquires 317,689 Shares of RingCentral, Inc. (NYSE:RNG)

AQR Capital Management LLC increased its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 24.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,612,270 shares of the software maker's stock after purchasing an additional 317,689 shares during the quarter. AQR Capital Management LLC owned approximately 1.78% of RingCentral worth $56,446,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in RNG. Sovereign Financial Group Inc. increased its holdings in shares of 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 buying an additional 386 shares in the last quarter. Gagnon Securities LLC increased its holdings in RingCentral by 5.6% during the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock valued at $270,000 after purchasing an additional 407 shares in the last quarter. Xponance Inc. boosted its stake in RingCentral by 4.2% in the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock worth $373,000 after purchasing an additional 426 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after buying an additional 468 shares in the last quarter. Finally, Private Advisor Group LLC increased its position in RingCentral by 9.6% in the 4th quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock valued at $311,000 after acquiring an additional 777 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

Insider Buying and Selling at RingCentral

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 transaction of $3,528,873.60. Following the completion of the transaction, the chief executive officer now owns 444,740 shares in the company, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the company'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 value of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares in the company, valued at $8,953,845.60. This represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock worth $7,099,279 over the last ninety days. 6.97% of the stock is currently owned by corporate insiders.

RingCentral Price Performance

NYSE:RNG traded up $0.32 during trading hours on Wednesday, reaching $26.08. 161,679 shares of the stock were exchanged, compared to its average volume of 1,338,858. The firm has a 50 day moving average of $25.34 and a 200 day moving average of $31.99. The stock has a market cap of $2.37 billion, a PE ratio of -40.72, a PEG ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. Equities research analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RNG has been the subject of several research analyst reports. UBS Group dropped their price objective on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research report on Friday, February 21st. Wells Fargo & Company lowered their price objective on RingCentral from $30.00 to $22.00 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Needham & Company LLC reduced their target price on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Robert W. Baird dropped their price target on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Finally, Raymond James reduced their price target on RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $34.46.

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.