RingCentral Inc (RNG) Holdings Boosted by Jefferies Group LLC

Jefferies Group LLC boosted its holdings in shares of RingCentral Inc (NYSE:RNG) by 47.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 43,640 shares of the software maker’s stock after buying an additional 14,074 shares during the quarter. Jefferies Group LLC owned approximately 0.05% of RingCentral worth $4,061,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in RNG. US Bancorp DE increased its position in RingCentral by 141.7% during the second quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock worth $123,000 after buying an additional 1,023 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of RingCentral by 75.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock valued at $130,000 after purchasing an additional 601 shares during the last quarter. Harvest Fund Management Co. Ltd grew its position in shares of RingCentral by 287.0% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,513 shares of the software maker’s stock valued at $141,000 after purchasing an additional 1,122 shares during the last quarter. Sun Life Financial INC acquired a new position in shares of RingCentral in the second quarter valued at approximately $185,000. Finally, NumerixS Investment Technologies Inc acquired a new position in shares of RingCentral in the second quarter valued at approximately $198,000. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Shares of RNG stock opened at $79.78 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 4.07 and a quick ratio of 4.07. The company has a market capitalization of $6.61 billion, a P/E ratio of -227.94 and a beta of 1.12. RingCentral Inc has a 1 year low of $46.05 and a 1 year high of $98.15.

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

Several research firms have recently commented on RNG. Jefferies Financial Group upped their target price on RingCentral to $105.00 and gave the company a “buy” rating in a research report on Wednesday, September 5th. Robert W. Baird raised RingCentral from a “neutral” rating to an “outperform” rating and set a $100.00 target price on the stock in a research report on Monday, November 19th. Deutsche Bank began coverage on RingCentral in a research report on Monday, October 8th. They issued a “buy” rating and a $105.00 target price on the stock. Zacks Investment Research downgraded RingCentral from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of RingCentral in a research report on Wednesday, November 7th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $90.47.

In related news, COO David Sipes sold 9,751 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $96.41, for a total value of $940,093.91. Following the completion of the sale, the chief operating officer now directly owns 280,768 shares in the company, valued at $27,068,842.88. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO John H. Marlow sold 17,789 shares of the business’s stock in a transaction that occurred on Monday, November 26th. The shares were sold at an average price of $74.35, for a total value of $1,322,612.15. Following the completion of the sale, the chief accounting officer now owns 152,546 shares of the company’s stock, valued at $11,341,795.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 235,512 shares of company stock valued at $19,404,288. 11.99% of the stock is currently owned by corporate insiders.

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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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