Renaissance Technologies LLC Boosts Holdings in RingCentral, Inc. (NYSE:RNG)

Renaissance Technologies LLC increased its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 3.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,606,700 shares of the software maker’s stock after buying an additional 54,500 shares during the period. Renaissance Technologies LLC owned about 1.74% of RingCentral worth $45,309,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in RNG. Charles Schwab Investment Management Inc. boosted its holdings in RingCentral by 0.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 732,545 shares of the software maker’s stock valued at $24,870,000 after purchasing an additional 2,303 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of RingCentral by 18.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,726 shares of the software maker’s stock worth $178,000 after buying an additional 874 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of RingCentral during the fourth quarter worth approximately $938,000. Norges Bank acquired a new position in RingCentral during the 4th quarter worth approximately $30,471,000. Finally, D.A. Davidson & CO. increased its position in shares of RingCentral by 13.3% in the 4th quarter. D.A. Davidson & CO. now owns 7,969 shares of the software maker’s stock valued at $271,000 after purchasing an additional 935 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Robert W. Baird raised their price target on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Wells Fargo & Company upped their price target on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Northland Securities upped their target price on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $42.00 target price on shares of RingCentral in a report on Monday, August 5th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, RingCentral presently has a consensus rating of “Moderate Buy” and an average price target of $40.07.

RingCentral Stock Performance

Shares of RingCentral stock opened at $30.04 on Wednesday. The company has a market cap of $2.77 billion, a P/E ratio of -20.16, a PEG ratio of 2.21 and a beta of 1.03. The firm has a fifty day moving average of $32.15 and a two-hundred day moving average of $32.39. RingCentral, Inc. has a one year low of $25.08 and a one year high of $38.35.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. During the same quarter in the previous year, the business earned ($0.03) EPS. RingCentral’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, equities analysts predict that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Insider Buying and Selling

In other RingCentral news, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the sale, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at $12,732,945.84. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CFO Vaibhav Agarwal sold 10,184 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares of the company’s stock, valued at approximately $4,522,479.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO John H. Marlow sold 19,498 shares of RingCentral stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the transaction, the chief accounting officer now directly owns 391,542 shares of the company’s stock, valued at $12,732,945.84. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock valued at $3,380,044 over the last quarter. Company insiders own 6.76% of the company’s stock.

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.