Ieq Capital LLC Purchases New Shares in RingCentral, Inc. (NYSE:RNG)

Ieq Capital LLC acquired a new position in shares of RingCentral, Inc. (NYSE:RNG) in the fourth quarter, Holdings Channel.com reports. The firm acquired 61,948 shares of the software maker’s stock, valued at approximately $2,169,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fort Washington Investment Advisors Inc. OH increased its stake in shares of RingCentral by 32.5% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after purchasing an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. purchased a new stake in RingCentral during the 4th quarter worth approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of RingCentral by 65.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after acquiring an additional 151,433 shares during the last quarter. Olympiad Research LP purchased a new position in shares of RingCentral in the third quarter valued at approximately $483,000. Finally, Beaumont Financial Advisors LLC acquired a new stake in shares of RingCentral in the fourth quarter worth approximately $262,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the transaction, the director now directly owns 10,633 shares in the company, valued at $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the sale, the director now directly owns 28,690 shares of the company’s stock, valued at $1,084,195.10. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,091 shares of company stock valued at $542,958. Company insiders own 6.97% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on RNG shares. Morgan Stanley increased their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Robert W. Baird increased their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Wedbush raised their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. UBS Group dropped their price objective on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Needham & Company LLC decreased their target price on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday. 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. According to MarketBeat.com, RingCentral has an average rating of “Hold” and a consensus price target of $38.15.

RingCentral Stock Performance

RNG stock opened at $28.90 on Monday. RingCentral, Inc. has a one year low of $26.98 and a one year high of $42.19. The firm has a market cap of $2.61 billion, a PE ratio of -45.16, a PEG ratio of 1.27 and a beta of 1.01. The firm’s 50 day moving average price is $34.82 and its 200-day moving average price is $34.26.

RingCentral (NYSE:RNG) last issued its quarterly earnings data 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 business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. Equities research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

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.