RingCentral, Inc. (NYSE:RNG) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC lifted its stake in shares of RingCentral, Inc. (NYSE:RNG) by 4.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,349,667 shares of the software maker’s stock after purchasing an additional 58,814 shares during the quarter. Geode Capital Management LLC owned about 1.49% of RingCentral worth $47,267,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in RNG. Hennessy Advisors Inc. acquired a new stake in RingCentral in the fourth quarter worth $59,055,000. Arrowstreet Capital Limited Partnership grew its position in shares of RingCentral by 414.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock worth $50,598,000 after acquiring an additional 1,164,241 shares during the last quarter. Jupiter Asset Management Ltd. lifted its position in RingCentral by 4.7% in the 4th quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker’s stock valued at $37,067,000 after purchasing an additional 47,827 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in RingCentral by 1.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker’s stock valued at $29,135,000 after purchasing an additional 10,110 shares during the period. Finally, Valley Wealth Managers Inc. acquired a new position in RingCentral during the 4th quarter valued at about $20,792,000. Institutional investors own 98.61% of the company’s stock.

RingCentral Stock Down 1.5 %

Shares of RingCentral stock opened at $22.56 on Tuesday. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19. The firm has a market capitalization of $2.05 billion, a PE ratio of -35.25, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. The stock’s fifty day moving average is $27.89 and its 200-day moving average is $32.83.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $612.37 million. Analysts expect that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Buying and Selling

In related news, SVP John H. Marlow sold 35,089 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the sale, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction dated 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 transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at approximately $16,384,089. This trade represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 247,740 shares of company stock valued at $7,099,279. Company insiders own 6.97% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RNG shares. Mizuho cut their price target on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Morgan Stanley boosted their price target on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Needham & Company LLC lowered their price target on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Robert W. Baird reduced their price objective on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Finally, Wells Fargo & Company reissued an “underweight” rating and set a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, RingCentral presently has an average rating of “Hold” and an average price target of $37.69.

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.