Here is What Hedge Funds Think About RingCentral Inc (RNG)

Consequently, some big names were breaking ground themselves. Arrowstreet Capital, led by Peter Rathjens, Bruce Clarke and John Campbell, established the biggest position in RingCentral Inc (NYSE:RNG). Arrowstreet Capital had $8.7 million invested in the company at the end of the quarter. Brad Farber’s Atika Capital also made a $2.1 million investment in the stock during the quarter. The other funds with new positions in the stock are Dmitry Balyasny’s Balyasny Asset Management, Jack Ripsteen’s Potrero Capital Research, and Peter Algert and Kevin Coldiron’s Algert Coldiron Investors.

Let’s now review hedge fund activity in other stocks similar to RingCentral Inc (NYSE:RNG). These stocks are Plantronics, Inc. (NYSE:PLT), DigitalGlobe Inc (NYSE:DGI), Trex Company, Inc. (NYSE:TREX), and Viavi Solutions Inc (NASDAQ:VIAV). This group of stocks’ market caps match RNG’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $118 million. That figure was $242 million in RNG’s case. Viavi Solutions Inc (NASDAQ:VIAV) is the most popular stock in this table. On the other hand Trex Company, Inc. (NYSE:TREX) is the least popular one with only 10 bullish hedge fund positions. Compared to these stocks RingCentral Inc (NYSE:RNG) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None