Brevan Howard Capital Management LP Grows Holdings in RingCentral, Inc. (NYSE:RNG)

Brevan Howard Capital Management LP grew its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 96.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,159 shares of the software maker's stock after purchasing an additional 16,750 shares during the period. Brevan Howard Capital Management LP's holdings in RingCentral were worth $1,196,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Captrust Financial Advisors acquired a new stake in RingCentral during the 4th quarter worth about $225,000. Caxton Associates LP purchased a new position in shares of RingCentral during the 4th quarter valued at $2,663,000. Bastion Asset Management Inc. purchased a new stake in shares of RingCentral during the fourth quarter worth $3,819,000. Bayesian Capital Management LP purchased a new stake in shares of RingCentral during the 4th quarter worth about $284,000. Finally, Ameriprise Financial Inc. lifted its holdings in shares of RingCentral by 2.2% during the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker's stock valued at $228,050,000 after buying an additional 142,538 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

RingCentral Price Performance

RingCentral stock traded down $0.07 during mid-day trading on Tuesday, hitting $28.29. 566,746 shares of the company's stock traded hands, compared to its average volume of 1,451,844. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of -44.20, a P/E/G ratio of 1.27 and a beta of 1.33. The firm has a 50 day simple moving average of $25.28 and a two-hundred day simple moving average of $31.79. RingCentral, Inc. has a fifty-two week low of $20.58 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $612.06 million for the quarter, compared to analysts' expectations of $610.53 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm's quarterly revenue was up 4.8% compared to the same quarter last year. During the same period last year, the firm posted $0.87 earnings per share. On average, research analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP John H. Marlow sold 22,979 shares of the company's stock in a transaction dated Friday, February 21st. The stock was 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 in the company, valued at $10,046,623.18. This represents a 6.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction on 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 represents a 21.74% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 247,740 shares of company stock worth $7,099,279. Insiders own 6.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Mizuho upped their target price on RingCentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research report on Monday. Piper Sandler boosted their price objective on shares of RingCentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a report on Friday. Wedbush decreased their price target on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research note on Friday. StockNews.com upgraded shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, May 5th. Finally, Rosenblatt Securities reduced their price objective on shares of RingCentral from $40.00 to $28.00 and set a "buy" rating for the company in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $32.77.

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.