Susquehanna Fundamental Investments LLC Makes New Investment in RingCentral, Inc. (NYSE:RNG)

Susquehanna Fundamental Investments LLC bought a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm 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 reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of RingCentral during the fourth quarter worth approximately $49,000. Venturi Wealth Management LLC boosted its stake in shares of RingCentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after buying an additional 1,028 shares during the period. KBC Group NV grew its holdings in shares of RingCentral by 30.8% during the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after buying an additional 819 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of RingCentral in the fourth quarter valued at approximately $173,000. Finally, Central Pacific Bank Trust Division raised its position in RingCentral by 31.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker's stock worth $176,000 after buying an additional 1,194 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Price Performance

NYSE RNG traded up $0.45 during mid-day trading on Friday, hitting $25.83. The company's stock had a trading volume of 1,087,792 shares, compared to its average volume of 1,339,751. The stock's fifty day simple moving average is $25.51 and its two-hundred day simple moving average is $32.15. The firm has a market capitalization of $2.34 billion, a P/E ratio of -40.36, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. On average, equities analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RNG has been the topic of several research analyst reports. Morgan Stanley decreased their target price on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Barclays lowered their target price on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Needham & Company LLC reduced their price target on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Robert W. Baird dropped their price objective on RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Finally, Piper Sandler lowered their target price on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $34.46.

Insider Activity at RingCentral

In other news, SVP John H. Marlow sold 35,089 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the transaction, the senior vice president now directly owns 313,510 shares of the company's stock, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 123,560 shares of the company's stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 444,740 shares of the company's stock, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock worth $7,099,279 in the last 90 days. 6.97% of the stock is currently owned by company 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.