Dynamic Technology Lab Private Ltd Boosts Stake in RingCentral, Inc. (NYSE:RNG)

Dynamic Technology Lab Private Ltd lifted its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 164.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,157 shares of the software maker’s stock after buying an additional 26,854 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in RingCentral were worth $1,511,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of RNG. The Manufacturers Life Insurance Company boosted its holdings in shares of RingCentral by 9.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 15,765 shares of the software maker’s stock valued at $499,000 after acquiring an additional 1,296 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in RingCentral by 57.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,682 shares of the software maker’s stock worth $717,000 after purchasing an additional 8,318 shares during the last quarter. Holocene Advisors LP grew its position in RingCentral by 72.3% in the 3rd quarter. Holocene Advisors LP now owns 116,123 shares of the software maker’s stock worth $3,673,000 after purchasing an additional 48,712 shares during the period. Janus Henderson Group PLC raised its stake in RingCentral by 5.5% during the 3rd quarter. Janus Henderson Group PLC now owns 40,009 shares of the software maker’s stock valued at $1,265,000 after buying an additional 2,097 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of RingCentral by 2.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 201,029 shares of the software maker’s stock valued at $6,359,000 after buying an additional 4,332 shares during the period. 98.61% of the stock is currently owned by institutional investors.

Insider Transactions at RingCentral

In other RingCentral news, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares of the company’s stock, valued at $10,046,623.18. The trade was a 6.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the transaction, the chief executive officer now owns 444,740 shares of the company’s stock, valued at $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. Over the last three months, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is currently owned by insiders.

RingCentral Trading Down 7.0 %

NYSE:RNG opened at $22.59 on Friday. The stock has a 50-day moving average price of $29.85 and a 200 day moving average price of $33.24. The stock has a market capitalization of $2.05 billion, a P/E ratio of -35.30, a P/E/G ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a 12-month low of $22.14 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last announced 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 net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. On average, research analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on RNG. Rosenblatt Securities reduced their price objective on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company 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. UBS Group dropped their price objective on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Barclays reduced their target price on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Finally, Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. One investment 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’s stock. Based on data from MarketBeat.com, RingCentral presently has an average rating of “Hold” and an average target price of $37.69.

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.