Ieq Capital LLC Invests $2.17 Million in RingCentral, Inc. (NYSE:RNG)

Ieq Capital LLC bought a new stake in shares of RingCentral, Inc. (NYSE:RNG) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 61,948 shares of the software maker’s stock, valued at approximately $2,169,000. Ieq Capital LLC owned about 0.07% of RingCentral as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of RNG. Fort Washington Investment Advisors Inc. OH lifted its stake in RingCentral by 32.5% in 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 during the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of RingCentral in the fourth quarter worth approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of RingCentral by 65.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after buying an additional 151,433 shares during the period. Olympiad Research LP bought a new stake in shares of RingCentral during the 3rd quarter worth approximately $483,000. Finally, Beaumont Financial Advisors LLC purchased a new position in RingCentral during the 4th quarter valued at $262,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Transactions at RingCentral

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the completion of the transaction, the director now owns 10,633 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. Also, SVP John H. Marlow sold 8,720 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total transaction of $366,676.00. Following the sale, the senior vice president now directly owns 334,869 shares in the company, valued at $14,081,241.45. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,091 shares of company stock worth $542,958. Insiders own 6.97% of the company’s stock.

RingCentral Stock Down 6.1 %

RingCentral stock opened at $28.90 on Monday. The firm has a market cap of $2.61 billion, a P/E ratio of -45.16, a P/E/G ratio of 1.27 and a beta of 1.01. The business has a fifty day moving average of $34.82 and a two-hundred day moving average of $34.26. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). The firm had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Equities analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RNG has been the topic of a number of recent analyst reports. Piper Sandler reduced their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday. Mizuho reduced their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. Raymond James decreased their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday. Rosenblatt Securities dropped their target price on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Barclays reduced their target price on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $38.15.

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.