AXQ Capital LP Invests $492,000 in RingCentral, Inc. (NYSE:RNG)

AXQ Capital LP acquired a new stake in shares of RingCentral, Inc. (NYSE:RNG) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 14,049 shares of the software maker’s stock, valued at approximately $492,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hennessy Advisors Inc. purchased a new stake in shares of RingCentral in the 4th quarter valued at about $59,055,000. Jupiter Asset Management Ltd. raised its stake in RingCentral by 4.7% in the fourth quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker’s stock valued at $37,067,000 after purchasing an additional 47,827 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in RingCentral by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker’s stock valued at $29,135,000 after purchasing an additional 10,110 shares during the last quarter. Valley Wealth Managers Inc. purchased a new position in RingCentral in the 4th quarter worth approximately $20,792,000. Finally, Fort Washington Investment Advisors Inc. OH increased its holdings in shares of RingCentral by 32.5% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after buying an additional 134,928 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Trading Down 0.5 %

RingCentral stock opened at $26.89 on Friday. The firm has a market cap of $2.44 billion, a P/E ratio of -42.01, a P/E/G ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a 1-year low of $26.22 and a 1-year high of $42.19. The firm has a 50-day moving average of $31.41 and a 200-day moving average of $33.46.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. Research analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

RNG has been the subject of a number of research analyst reports. Mizuho dropped their price objective on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, February 10th. Needham & Company LLC cut their price objective on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a report on Friday, February 21st. Robert W. Baird decreased their price objective on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Raymond James dropped their target price on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Finally, Rosenblatt Securities decreased their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $37.69.

Insider Buying and Selling at RingCentral

In related news, CEO Vladimir Shmunis sold 66,112 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 568,300 shares in the company, valued at $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is currently owned by company insiders.

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.