Bryce Point Capital LLC Buys New Holdings in RingCentral, Inc. (NYSE:RNG)

Bryce Point Capital LLC purchased a new position in RingCentral, Inc. (NYSE:RNG) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,906 shares of the software maker’s stock, valued at approximately $452,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Quarry LP lifted its holdings in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in RingCentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after buying an additional 1,028 shares during the last quarter. KBC Group NV lifted its stake in shares of RingCentral by 30.8% in the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock valued at $122,000 after buying an additional 819 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of RingCentral during the fourth quarter valued at about $173,000. Finally, Point72 DIFC Ltd raised its holdings in shares of RingCentral by 301.1% in the 3rd quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock worth $175,000 after acquiring an additional 4,155 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Price Performance

Shares of RNG opened at $22.59 on Friday. RingCentral, Inc. has a 1 year low of $22.14 and a 1 year high of $42.19. The stock’s fifty day moving average price is $29.85 and its two-hundred day moving average price is $33.24. The firm has a market cap of $2.05 billion, a PE ratio of -35.30, a PEG ratio of 1.27 and a beta of 1.20.

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). The firm had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Sell-side analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RNG shares. Needham & Company LLC lowered their price objective on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, February 21st. UBS Group lowered their price target on RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Rosenblatt Securities reduced their target price on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Finally, Mizuho dropped their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $37.69.

Insider Activity

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

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.