RingCentral, Inc. (NYSE:RNG) Stake Lessened by Rafferty Asset Management LLC

Rafferty Asset Management LLC cut its stake in RingCentral, Inc. (NYSE:RNGGet Rating) by 3.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,021 shares of the software maker’s stock after selling 431 shares during the period. Rafferty Asset Management LLC’s holdings in RingCentral were worth $2,439,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Stonnington Group LLC boosted its holdings in shares of RingCentral by 600.0% in the fourth quarter. Stonnington Group LLC now owns 7,000 shares of the software maker’s stock valued at $1,327,000 after acquiring an additional 6,000 shares in the last quarter. Yarbrough Capital LLC bought a new stake in RingCentral during the fourth quarter worth approximately $206,000. Laurion Capital Management LP bought a new stake in RingCentral during the third quarter worth approximately $637,000. Spire Wealth Management boosted its holdings in RingCentral by 843.8% during the fourth quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock worth $28,000 after buying an additional 135 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in RingCentral by 21.6% during the fourth quarter. Teacher Retirement System of Texas now owns 15,093 shares of the software maker’s stock worth $2,828,000 after buying an additional 2,680 shares in the last quarter. Institutional investors and hedge funds own 85.96% of the company’s stock.

Shares of RNG opened at $64.20 on Wednesday. The company’s fifty day moving average is $101.82 and its 200-day moving average is $156.88. RingCentral, Inc. has a 12 month low of $59.04 and a 12 month high of $315.00. The firm has a market cap of $5.92 billion, a price-to-earnings ratio of -11.28 and a beta of 0.93. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 33.52.

RingCentral (NYSE:RNGGet Rating) last announced its quarterly earnings results on Monday, May 9th. The software maker reported $0.39 EPS for the quarter, topping the consensus estimate of $0.34 by $0.05. RingCentral had a negative net margin of 30.82% and a negative return on equity of 183.51%. The company had revenue of $467.66 million for the quarter, compared to analyst estimates of $458.36 million. During the same quarter in the prior year, the business posted ($0.41) EPS. RingCentral’s quarterly revenue was up 32.7% on a year-over-year basis. As a group, research analysts predict that RingCentral, Inc. will post -1.99 earnings per share for the current fiscal year.

A number of analysts recently weighed in on RNG shares. Mizuho reduced their target price on shares of RingCentral from $220.00 to $150.00 in a report on Tuesday, May 10th. Barclays reduced their target price on shares of RingCentral from $300.00 to $140.00 and set an “overweight” rating for the company in a report on Tuesday, April 26th. Morgan Stanley reduced their target price on shares of RingCentral from $220.00 to $165.00 and set an “equal weight” rating for the company in a report on Tuesday, February 22nd. Needham & Company LLC reduced their price target on shares of RingCentral from $225.00 to $110.00 in a research report on Tuesday, May 10th. Finally, Craig Hallum reduced their price target on shares of RingCentral from $270.00 to $175.00 in a research report on Tuesday, May 10th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $192.00.

In other RingCentral news, CFO Vaibhav Agarwal sold 10,443 shares of the firm’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $67.59, for a total value of $705,842.37. Following the sale, the chief financial officer now directly owns 85,357 shares in the company, valued at approximately $5,769,279.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Mohammed Katibeh sold 1,846 shares of the firm’s stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total transaction of $124,789.60. Following the completion of the sale, the chief operating officer now owns 110,098 shares in the company, valued at $7,442,624.80. The disclosure for this sale can be found here. Company insiders own 7.35% of the company’s stock.

RingCentral Company Profile (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

Further Reading

Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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