DekaBank Deutsche Girozentrale boosted its stake in RingCentral Inc (NYSE:RNG) by 227.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,865 shares of the software maker’s stock after acquiring an additional 4,074 shares during the period. DekaBank Deutsche Girozentrale’s holdings in RingCentral were worth $985,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Security National Trust Co. bought a new stake in RingCentral in the fourth quarter valued at approximately $25,000. Parkside Financial Bank & Trust boosted its holdings in RingCentral by 285.7% in the third quarter. Parkside Financial Bank & Trust now owns 405 shares of the software maker’s stock valued at $51,000 after acquiring an additional 300 shares during the last quarter. Usca Ria LLC bought a new stake in RingCentral in the third quarter valued at approximately $63,000. Smithfield Trust Co. bought a new stake in RingCentral in the third quarter valued at approximately $68,000. Finally, LS Investment Advisors LLC acquired a new position in RingCentral in the fourth quarter valued at approximately $86,000. Institutional investors and hedge funds own 83.31% of the company’s stock.
Shares of NYSE:RNG opened at $242.39 on Friday. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 1.12. RingCentral Inc has a twelve month low of $98.19 and a twelve month high of $246.46. The stock’s 50 day moving average is $194.02 and its 200-day moving average is $162.93. The firm has a market capitalization of $20.26 billion, a price-to-earnings ratio of -378.73 and a beta of 0.81.
RingCentral (NYSE:RNG) last issued its earnings results on Monday, February 10th. The software maker reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. RingCentral had a negative return on equity of 3.67% and a negative net margin of 5.94%. The company had revenue of $252.87 million for the quarter, compared to analyst estimates of $237.38 million. During the same period in the prior year, the firm earned $0.23 earnings per share. RingCentral’s revenue for the quarter was up 34.1% on a year-over-year basis. Equities research analysts anticipate that RingCentral Inc will post -0.22 earnings per share for the current fiscal year.
In other news, CEO Vladimir Shmunis sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $160.85, for a total transaction of $4,021,250.00. Following the transaction, the chief executive officer now directly owns 216,266 shares of the company’s stock, valued at $34,786,386.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO David Sipes sold 15,017 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $165.75, for a total value of $2,489,067.75. Following the transaction, the chief operating officer now directly owns 215,870 shares in the company, valued at $35,780,452.50. The disclosure for this sale can be found here. Insiders have sold 210,437 shares of company stock worth $35,641,084 over the last ninety days. 11.03% of the stock is owned by insiders.
Several equities analysts have issued reports on RNG shares. Northland Securities boosted their price target on RingCentral from $185.00 to $239.00 and gave the company an “outperform” rating in a research note on Tuesday. UBS Group boosted their price target on RingCentral from $210.00 to $250.00 and gave the company an “outperform” rating in a research note on Tuesday. They noted that the move was a valuation call. Morgan Stanley boosted their price target on RingCentral from $195.00 to $205.00 and gave the company an “equal weight” rating in a research note on Tuesday. Piper Jaffray Companies started coverage on RingCentral in a research note on Tuesday, December 10th. They issued an “overweight” rating and a $194.00 price target on the stock. Finally, William Blair reissued a “buy” rating on shares of RingCentral in a research note on Thursday, February 6th. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $224.10.
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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