Bailard Inc. Raises Holdings in RingCentral, Inc. (NYSE:RNG)

Bailard Inc. increased its holdings in RingCentral, Inc. (NYSE:RNG) by 138.3% in the 4th quarter, HoldingsChannel reports. The fund owned 19,032 shares of the software maker’s stock after purchasing an additional 11,045 shares during the quarter. Bailard Inc.’s holdings in RingCentral were worth $646,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Sylebra Capital LLC acquired a new position in RingCentral during the third quarter worth $242,462,000. Ameriprise Financial Inc. lifted its stake in RingCentral by 515.7% during the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after purchasing an additional 2,275,245 shares in the last quarter. Maple Rock Capital Partners Inc. acquired a new position in RingCentral during the third quarter worth $15,510,000. Vanguard Group Inc. lifted its stake in RingCentral by 4.9% during the third quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock worth $295,971,000 after purchasing an additional 469,280 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in RingCentral by 10.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 730,242 shares of the software maker’s stock worth $21,637,000 after purchasing an additional 67,229 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Price Performance

Shares of NYSE RNG opened at $30.64 on Friday. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of -17.51, a price-to-earnings-growth ratio of 3.25 and a beta of 0.92. The business has a 50-day moving average of $32.92 and a two-hundred day moving average of $31.82. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $43.28.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. As a group, equities research analysts expect that RingCentral, Inc. will post 0.45 earnings per share for the current year.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $34.55, for a total transaction of $68,547.20. Following the sale, the chief financial officer now owns 114,656 shares in the company, valued at $3,961,364.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now owns 23,688 shares in the company, valued at $816,525.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the sale, the chief financial officer now owns 114,656 shares in the company, valued at approximately $3,961,364.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,608 shares of company stock worth $800,974. Corporate insiders own 6.76% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wells Fargo & Company decreased their price target on RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 21st. Wedbush restated a “neutral” rating and set a $40.00 price target on shares of RingCentral in a research note on Friday, February 16th. Mizuho reduced their price objective on RingCentral from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Morgan Stanley decreased their target price on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. Finally, The Goldman Sachs Group decreased their target price on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $38.56.

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.