Bank of New York Mellon Corp Trims Stake in RingCentral Inc (RNG)

Bank of New York Mellon Corp trimmed its stake in shares of RingCentral Inc (NYSE:RNG) by 7.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 264,066 shares of the software maker’s stock after selling 22,171 shares during the period. Bank of New York Mellon Corp owned about 0.33% of RingCentral worth $18,577,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of RNG. Public Employees Retirement System of Ohio acquired a new position in shares of RingCentral during the 2nd quarter worth approximately $18,054,000. Nomura Holdings Inc. raised its holdings in RingCentral by 604.0% in the 2nd quarter. Nomura Holdings Inc. now owns 376,132 shares of the software maker’s stock valued at $26,461,000 after acquiring an additional 322,707 shares during the last quarter. Bank of Nova Scotia raised its holdings in RingCentral by 138.7% in the 2nd quarter. Bank of Nova Scotia now owns 175,000 shares of the software maker’s stock valued at $12,311,000 after acquiring an additional 101,700 shares during the last quarter. Verition Fund Management LLC raised its holdings in RingCentral by 1,028.6% in the 2nd quarter. Verition Fund Management LLC now owns 36,916 shares of the software maker’s stock valued at $2,597,000 after acquiring an additional 33,645 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in RingCentral by 129.5% in the 2nd quarter. Millennium Management LLC now owns 1,105,389 shares of the software maker’s stock valued at $77,764,000 after acquiring an additional 623,790 shares during the last quarter. Institutional investors own 77.33% of the company’s stock.

In other news, CFO Mitesh Dhruv sold 1,264 shares of the business’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $94.60, for a total transaction of $119,574.40. Following the completion of the sale, the chief financial officer now directly owns 159,952 shares of the company’s stock, valued at approximately $15,131,459.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO David Sipes sold 9,751 shares of the business’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $96.41, for a total transaction of $940,093.91. Following the sale, the chief operating officer now directly owns 280,768 shares of the company’s stock, valued at $27,068,842.88. The disclosure for this sale can be found here. Insiders have sold a total of 240,116 shares of company stock valued at $19,847,279 over the last three months. Corporate insiders own 11.99% of the company’s stock.

Several brokerages have weighed in on RNG. Jefferies Financial Group reiterated a “buy” rating and issued a $97.00 price target on shares of RingCentral in a report on Tuesday, August 7th. Dougherty & Co boosted their price target on RingCentral from $85.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Bank of America boosted their price target on RingCentral from $86.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Robert W. Baird boosted their price target on RingCentral from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. Finally, Deutsche Bank began coverage on RingCentral in a report on Monday, October 8th. They issued a “buy” rating and a $105.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $90.47.

Shares of NYSE RNG opened at $82.90 on Monday. RingCentral Inc has a 52-week low of $43.85 and a 52-week high of $98.15. The firm has a market cap of $6.66 billion, a PE ratio of -236.86 and a beta of 1.02. The company has a debt-to-equity ratio of 1.22, a current ratio of 4.07 and a quick ratio of 4.07.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, November 5th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.03. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.64%. The company had revenue of $173.83 million during the quarter, compared to analysts’ expectations of $166.70 million. During the same period in the previous year, the company earned $0.06 EPS. The business’s quarterly revenue was up 33.4% compared to the same quarter last year. As a group, sell-side analysts expect that RingCentral Inc will post -0.09 EPS for the current fiscal year.

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RingCentral Profile

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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