Quantinno Capital Management LP Raises Stake in RingCentral, Inc. (NYSE:RNG)

Quantinno Capital Management LP boosted its position in RingCentral, Inc. (NYSE:RNG) by 59.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 135,474 shares of the software maker’s stock after buying an additional 50,329 shares during the period. Quantinno Capital Management LP’s holdings in RingCentral were worth $4,285,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Point72 DIFC Ltd purchased a new stake in RingCentral in the second quarter valued at approximately $39,000. Venturi Wealth Management LLC boosted its position in RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares during the last quarter. Quarry LP boosted its position in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares during the last quarter. KBC Group NV lifted its holdings in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division acquired a new position in RingCentral in the third quarter valued at approximately $121,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Stock Performance

Shares of RNG opened at $41.03 on Monday. RingCentral, Inc. has a one year low of $26.98 and a one year high of $41.04. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of -38.71, a PEG ratio of 2.52 and a beta of 0.99. The stock has a 50 day moving average price of $35.08 and a 200 day moving average price of $32.78.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. On average, analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on RNG. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Wedbush boosted their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Raymond James decreased their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Finally, Robert W. Baird boosted their price target on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and a consensus price target of $40.73.

Insider Buying and Selling

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the sale, the senior vice president now directly owns 357,818 shares in the company, valued at $12,509,317.28. This represents a 6.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. The trade was a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,539 shares of company stock worth $3,687,477. 6.76% of the stock is owned by corporate insiders.

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.