RingCentral, Inc. (NYSE:RNG) Shares Purchased by Sherbrooke Park Advisers LLC

Sherbrooke Park Advisers LLC boosted its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 113.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,669 shares of the software maker’s stock after acquiring an additional 14,723 shares during the quarter. Sherbrooke Park Advisers LLC’s holdings in RingCentral were worth $969,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sovereign Financial Group Inc. raised its position in RingCentral by 4.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock valued at $353,000 after purchasing an additional 386 shares during the period. Oak Thistle LLC purchased a new stake in shares of RingCentral in the 4th quarter valued at $543,000. Hennessy Advisors Inc. acquired a new position in RingCentral during the 4th quarter worth about $59,055,000. Fort Washington Investment Advisors Inc. OH boosted its holdings in RingCentral by 32.5% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after acquiring an additional 134,928 shares during the period. Finally, Beaumont Financial Advisors LLC purchased a new position in RingCentral during the 4th quarter valued at about $262,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Buying and Selling

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the sale, the chief executive officer now directly owns 568,300 shares in the company, valued at approximately $16,384,089. The trade was a 10.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. This represents a 10.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 over the last three months. 6.97% of the stock is currently owned by company insiders.

RingCentral Stock Up 0.5%

NYSE:RNG opened at $28.01 on Friday. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19. The stock’s 50 day moving average price is $25.30 and its 200 day moving average price is $31.70. The company has a market capitalization of $2.54 billion, a PE ratio of -43.77, a P/E/G ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.04. The company had revenue of $612.06 million during the quarter, compared to analysts’ expectations of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the firm earned $0.87 EPS. As a group, sell-side analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RNG has been the topic of a number of recent research reports. Needham & Company LLC initiated coverage on shares of RingCentral in a research note on Friday, May 9th. They set a “buy” rating and a $36.00 price target on the stock. Morgan Stanley cut their target price on shares of RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Barclays decreased their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Rosenblatt Securities cut their price objective on RingCentral from $40.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Finally, Mizuho lifted their target price on RingCentral from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $32.77.

About RingCentral

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.