Columbia Partners L.L.C. Investment Management reduced its stake in shares of RingCentral Inc (NYSE:RNG) by 9.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,704 shares of the software maker’s stock after selling 6,235 shares during the period. RingCentral accounts for approximately 1.5% of Columbia Partners L.L.C. Investment Management’s portfolio, making the stock its 17th biggest holding. Columbia Partners L.L.C. Investment Management owned 0.08% of RingCentral worth $5,741,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. First Foundation Advisors boosted its holdings in RingCentral by 21.4% during the third quarter. First Foundation Advisors now owns 30,683 shares of the software maker’s stock valued at $2,855,000 after purchasing an additional 5,403 shares in the last quarter. Blair William & Co. IL boosted its holdings in RingCentral by 13.2% during the third quarter. Blair William & Co. IL now owns 16,419 shares of the software maker’s stock valued at $1,528,000 after purchasing an additional 1,919 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in RingCentral by 7.7% during the third quarter. Dimensional Fund Advisors LP now owns 105,225 shares of the software maker’s stock valued at $9,792,000 after purchasing an additional 7,524 shares in the last quarter. Credit Suisse AG boosted its holdings in RingCentral by 1.4% during the third quarter. Credit Suisse AG now owns 74,869 shares of the software maker’s stock valued at $6,967,000 after purchasing an additional 1,009 shares in the last quarter. Finally, Trexquant Investment LP boosted its holdings in RingCentral by 93.1% during the third quarter. Trexquant Investment LP now owns 46,043 shares of the software maker’s stock valued at $4,284,000 after purchasing an additional 22,199 shares in the last quarter. Institutional investors own 77.33% of the company’s stock.
RNG has been the topic of a number of recent research reports. Jefferies Financial Group lifted their price objective on RingCentral to $105.00 and gave the company a “buy” rating in a report on Wednesday, September 5th. Robert W. Baird raised RingCentral from a “neutral” rating to an “outperform” rating and set a $100.00 price objective on the stock in a report on Monday, November 19th. Deutsche Bank initiated coverage on RingCentral in a report on Monday, October 8th. They set a “buy” rating and a $105.00 price objective on the stock. Rosenblatt Securities initiated coverage on RingCentral in a report on Friday, September 7th. They set a “buy” rating and a $105.00 price objective on the stock. Finally, SunTrust Banks lifted their price objective on RingCentral to $100.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Two 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’s stock. The stock currently has an average rating of “Buy” and an average target price of $90.47.
Shares of RNG opened at $82.90 on Monday. The company has a market capitalization 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 quick ratio of 4.07 and a current ratio of 4.07. RingCentral Inc has a one year low of $43.85 and a one year high of $98.15.
RingCentral (NYSE:RNG) last announced its earnings results on Monday, November 5th. The software maker reported $0.19 EPS for the quarter, topping the consensus estimate of $0.16 by $0.03. The business had revenue of $173.83 million for the quarter, compared to the consensus estimate of $166.70 million. RingCentral had a negative return on equity of 3.64% and a negative net margin of 4.25%. RingCentral’s revenue was up 33.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.06 EPS. On average, sell-side analysts expect that RingCentral Inc will post -0.09 EPS for the current fiscal year.
In other news, CEO Vladimir Shmunis sold 46,048 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $68.76, for a total value of $3,166,260.48. Following the transaction, the chief executive officer now directly owns 309,799 shares of the company’s stock, valued at approximately $21,301,779.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Praful Shah sold 4,974 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $92.58, for a total value of $460,492.92. Following the completion of the transaction, the insider now directly owns 305,217 shares in the company, valued at $28,256,989.86. The disclosure for this sale can be found here. Insiders sold a total of 240,116 shares of company stock worth $19,847,279 over the last three months. 11.99% of the stock is owned by company insiders.
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RingCentral Company 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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