Convergence Investment Partners LLC Acquires Shares of 20,834 Ringcentral, Inc. $RNG

Convergence Investment Partners LLC bought a new position in shares of Ringcentral, Inc. (NYSE:RNG) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 20,834 shares of the software maker’s stock, valued at approximately $590,000.

Several other hedge funds have also added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position in Ringcentral by 27.6% during the 2nd quarter. AQR Capital Management LLC now owns 1,626,454 shares of the software maker’s stock valued at $45,728,000 after purchasing an additional 351,347 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Ringcentral by 50.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 812,518 shares of the software maker’s stock worth $23,035,000 after buying an additional 274,037 shares during the last quarter. Marshall Wace LLP lifted its holdings in Ringcentral by 17.0% in the second quarter. Marshall Wace LLP now owns 1,719,269 shares of the software maker’s stock valued at $48,741,000 after buying an additional 249,329 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its stake in Ringcentral by 22.9% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 1,224,090 shares of the software maker’s stock valued at $34,691,000 after acquiring an additional 228,202 shares during the last quarter. Finally, CSM Advisors LLC acquired a new stake in Ringcentral during the 2nd quarter worth $5,854,000. Institutional investors own 98.61% of the company’s stock.

Insider Transactions at Ringcentral

In related news, CFO Vaibhav Agarwal sold 14,971 shares of Ringcentral stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $25.96, for a total value of $388,647.16. Following the sale, the chief financial officer owned 165,593 shares of the company’s stock, valued at approximately $4,298,794.28. This trade represents a 8.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 46,844 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $26.89, for a total value of $1,259,635.16. Following the transaction, the chief executive officer directly owned 317,139 shares of the company’s stock, valued at approximately $8,527,867.71. This trade represents a 12.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 115,838 shares of company stock valued at $3,164,064 in the last ninety days. Corporate insiders own 7.30% of the company’s stock.

Ringcentral Price Performance

NYSE:RNG opened at $26.44 on Tuesday. The business’s 50-day simple moving average is $28.53 and its 200-day simple moving average is $28.65. Ringcentral, Inc. has a fifty-two week low of $20.58 and a fifty-two week high of $35.25. The stock has a market capitalization of $2.29 billion, a PE ratio of 188.90, a price-to-earnings-growth ratio of 1.07 and a beta of 1.23.

Ringcentral (NYSE:RNG) last announced its earnings results on Monday, November 3rd. The software maker reported $1.13 EPS for the quarter, topping the consensus estimate of $1.08 by $0.05. The firm had revenue of $638.66 million for the quarter, compared to the consensus estimate of $635.39 million. Ringcentral had a net margin of 0.53% and a negative return on equity of 22.38%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the company posted $0.95 EPS. On average, research analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RNG shares. Rosenblatt Securities restated a “buy” rating and issued a $32.00 price target on shares of Ringcentral in a research report on Tuesday, November 4th. Needham & Company LLC restated a “buy” rating and set a $36.00 target price on shares of Ringcentral in a report on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a research note on Monday, December 29th. Finally, Morgan Stanley reduced their price objective on shares of Ringcentral from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 15th. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $31.46.

About Ringcentral

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.