Bryce Point Capital LLC Makes New Investment in RingCentral, Inc. (NYSE:RNG)

Bryce Point Capital LLC purchased a new stake in RingCentral, Inc. (NYSE:RNG) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 12,906 shares of the software maker’s stock, valued at approximately $452,000.

A number of other hedge funds have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company grew its position in RingCentral by 9.0% during the third quarter. The Manufacturers Life Insurance Company now owns 15,765 shares of the software maker’s stock worth $499,000 after buying an additional 1,296 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of RingCentral by 57.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,682 shares of the software maker’s stock valued at $717,000 after acquiring an additional 8,318 shares during the last quarter. Holocene Advisors LP grew its holdings in shares of RingCentral by 72.3% during the third quarter. Holocene Advisors LP now owns 116,123 shares of the software maker’s stock worth $3,673,000 after purchasing an additional 48,712 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of RingCentral by 5.5% during the third quarter. Janus Henderson Group PLC now owns 40,009 shares of the software maker’s stock worth $1,265,000 after purchasing an additional 2,097 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of RingCentral by 2.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 201,029 shares of the software maker’s stock worth $6,359,000 after purchasing an additional 4,332 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Stock Performance

Shares of RNG stock opened at $22.59 on Friday. The company has a market capitalization of $2.05 billion, a P/E ratio of -35.30, a PEG ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a fifty-two week low of $22.14 and a fifty-two week high of $42.19. The stock has a 50 day moving average price of $29.85 and a two-hundred day moving average price of $33.24.

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

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 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 $3,528,873.60. Following the completion of the sale, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at $12,701,774.40. The trade was a 21.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 247,740 shares of company stock worth $7,099,279. Company insiders own 6.97% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on RNG shares. Barclays cut their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. 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. UBS Group reduced their target price on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Morgan Stanley raised their price target on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Finally, Robert W. Baird cut their price objective on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $37.69.

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.