Sherbrooke Park Advisers LLC Purchases 14,723 Shares of RingCentral, Inc. (NYSE:RNG)

Sherbrooke Park Advisers LLC grew its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 113.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,669 shares of the software maker's stock after purchasing an additional 14,723 shares during the quarter. Sherbrooke Park Advisers LLC's holdings in RingCentral were worth $969,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RNG. Sovereign Financial Group Inc. increased its holdings in RingCentral by 4.0% in the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock worth $353,000 after acquiring an additional 386 shares in the last quarter. Oak Thistle LLC purchased a new stake in RingCentral in the 4th quarter worth approximately $543,000. Hennessy Advisors Inc. purchased a new stake in RingCentral during the 4th quarter valued at approximately $59,055,000. Fort Washington Investment Advisors Inc. OH grew its holdings in RingCentral by 32.5% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker's stock valued at $19,266,000 after buying an additional 134,928 shares in the last quarter. Finally, Beaumont Financial Advisors LLC purchased a new stake in RingCentral during the 4th quarter valued at approximately $262,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RNG. Wells Fargo & Company cut their price objective on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Mizuho raised their target price on shares of RingCentral from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Wedbush cut their target price on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Raymond James cut their target price on shares of RingCentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $32.00 target price on shares of RingCentral in a report on Monday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $33.08.

RingCentral Price Performance

Shares of NYSE:RNG traded down $0.79 on Monday, hitting $27.30. 761,921 shares of the company's stock were exchanged, compared to its average volume of 1,341,102. RingCentral, Inc. has a 12 month low of $20.59 and a 12 month high of $42.19. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of -42.66, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The business's 50 day simple moving average is $25.34 and its two-hundred day simple moving average is $31.54.

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

Insider Transactions at RingCentral

In related news, SVP John H. Marlow sold 22,979 shares of the company's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the sale, the senior vice president now directly owns 348,599 shares of the company's stock, valued at $10,046,623.18. This represents a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 2,247 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $27.97, for a total transaction of $62,848.59. Following the completion of the sale, the chief financial officer now directly owns 120,982 shares of the company's stock, valued at approximately $3,383,866.54. This trade represents a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 249,987 shares of company stock worth $7,162,128. 6.97% of the stock is currently owned by insiders.

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.