Susquehanna Fundamental Investments LLC Takes Position in RingCentral, Inc. (NYSE:RNG)

Susquehanna Fundamental Investments LLC bought a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 120,530 shares of the software maker's stock, valued at approximately $4,220,000. Susquehanna Fundamental Investments LLC owned about 0.13% of RingCentral at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Capital World Investors raised its holdings in RingCentral by 5.9% in the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock valued at $373,327,000 after buying an additional 591,398 shares during the period. First Trust Advisors LP lifted its holdings in shares of RingCentral by 35.6% during the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock valued at $70,345,000 after acquiring an additional 527,901 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of RingCentral by 11.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker's stock valued at $62,853,000 after acquiring an additional 180,000 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in RingCentral in the 4th quarter valued at $59,055,000. Finally, Arrowstreet Capital Limited Partnership raised its position in RingCentral by 414.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock valued at $50,598,000 after purchasing an additional 1,164,241 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP John H. Marlow sold 22,979 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the transaction, the senior vice president now directly owns 348,599 shares in the company, valued at approximately $10,046,623.18. The trade was a 6.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the sale, the chief executive officer now owns 568,300 shares in the company, valued at approximately $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on RNG shares. Barclays lowered their target price on RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. Raymond James dropped their price objective on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a research note on Friday, February 21st. Piper Sandler decreased their target price on shares of RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Wells Fargo & Company cut their price objective on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Morgan Stanley lowered their target price on RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $34.46.

RingCentral Stock Performance

Shares of NYSE RNG traded up $0.45 during trading on Friday, reaching $25.83. The stock had a trading volume of 1,087,792 shares, compared to its average volume of 1,345,714. The firm's 50 day moving average price is $25.45 and its two-hundred day moving average price is $32.09. RingCentral, Inc. has a one year low of $20.59 and a one year high of $42.19. The stock has a market cap of $2.34 billion, a PE ratio of -40.36, a P/E/G ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last released its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share 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 for the quarter, compared to the consensus estimate of $612.37 million. On average, research analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current 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.