Readystate Asset Management LP Buys 93,361 Shares of RingCentral, Inc. (NYSE:RNG)

Readystate Asset Management LP raised its stake in shares of RingCentral, Inc. (NYSE:RNG) by 68.9% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 228,810 shares of the software maker’s stock after acquiring an additional 93,361 shares during the period. Readystate Asset Management LP owned approximately 0.24% of RingCentral worth $7,768,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its stake in RingCentral by 166.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 131,044 shares of the software maker’s stock valued at $4,450,000 after acquiring an additional 81,787 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of RingCentral by 2.6% in the 4th quarter. Public Employees Retirement System of Ohio now owns 36,746 shares of the software maker’s stock worth $1,248,000 after purchasing an additional 918 shares during the period. Vanguard Group Inc. lifted its stake in shares of RingCentral by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after purchasing an additional 382,343 shares during the period. Voloridge Investment Management LLC lifted its stake in shares of RingCentral by 41.8% in the 4th quarter. Voloridge Investment Management LLC now owns 910,022 shares of the software maker’s stock worth $30,895,000 after purchasing an additional 268,306 shares during the period. Finally, Cresset Asset Management LLC lifted its stake in shares of RingCentral by 3.0% in the 4th quarter. Cresset Asset Management LLC now owns 11,398 shares of the software maker’s stock worth $387,000 after purchasing an additional 333 shares during the period. Institutional investors own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

RNG has been the topic of several recent research reports. Wells Fargo & Company lowered their price objective on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 21st. Needham & Company LLC lowered their price objective on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Wedbush reiterated a “neutral” rating and issued a $40.00 price objective on shares of RingCentral in a research note on Friday, February 16th. Piper Sandler lowered their price objective on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Finally, Mizuho decreased their target price on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Eight equities research 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’s stock. Based on data from MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and a consensus target price of $38.89.

RingCentral Stock Down 2.2 %

NYSE RNG traded down $0.66 during trading on Wednesday, hitting $29.72. 777,168 shares of the stock traded hands, compared to its average volume of 1,186,594. The company has a market capitalization of $2.74 billion, a P/E ratio of -16.98, a price-to-earnings-growth ratio of 3.26 and a beta of 0.92. The firm has a 50-day simple moving average of $33.27 and a 200-day simple moving average of $31.82. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $43.28.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. As a group, research analysts predict that RingCentral, Inc. will post 0.45 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the transaction, the chief financial officer now owns 114,656 shares in the company, valued at approximately $3,961,364.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the transaction, the chief financial officer now owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock worth $800,974 in the last quarter. 6.76% of the stock is owned by corporate insiders.

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.