Redwood Investments LLC Takes Position in RingCentral Inc (RNG)

Redwood Investments LLC bought a new position in RingCentral Inc (NYSE:RNG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 212,202 shares of the software maker’s stock, valued at approximately $14,928,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. US Bancorp DE grew its stake in shares of RingCentral by 141.7% in the second quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,023 shares during the last quarter. NewSquare Capital LLC bought a new stake in RingCentral during the 2nd quarter valued at approximately $188,000. Comerica Bank bought a new stake in RingCentral during the 2nd quarter valued at approximately $202,000. Cerebellum GP LLC bought a new stake in RingCentral during the 2nd quarter valued at approximately $183,000. Finally, Sun Life Financial INC bought a new stake in RingCentral during the 2nd quarter valued at approximately $185,000. 77.29% of the stock is currently owned by institutional investors.

RingCentral stock opened at $93.60 on Monday. The company has a current ratio of 4.32, a quick ratio of 4.32 and a debt-to-equity ratio of 1.24. The company has a market cap of $7.45 billion, a price-to-earnings ratio of -267.43 and a beta of 0.70. RingCentral Inc has a fifty-two week low of $37.80 and a fifty-two week high of $95.60.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, August 6th. The software maker reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.04. RingCentral had a negative return on equity of 5.93% and a negative net margin of 3.92%. The firm had revenue of $160.83 million for the quarter, compared to analysts’ expectations of $155.71 million. During the same period in the previous year, the firm posted $0.04 EPS. The business’s revenue for the quarter was up 34.1% compared to the same quarter last year. analysts forecast that RingCentral Inc will post -0.14 earnings per share for the current year.

In other news, CEO Vladimir Shmunis sold 16,901 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $90.24, for a total value of $1,525,146.24. Following the sale, the chief executive officer now directly owns 349,282 shares of the company’s stock, valued at approximately $31,519,207.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO David Sipes sold 9,300 shares of the business’s stock in a transaction that occurred on Wednesday, June 13th. The stock was sold at an average price of $77.71, for a total value of $722,703.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 137,371 shares of company stock worth $11,377,558. Insiders own 11.99% of the company’s stock.

RNG has been the topic of several research reports. ValuEngine raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. JPMorgan Chase & Co. lifted their price objective on RingCentral to $76.00 and gave the company a “neutral” rating in a research report on Thursday, May 10th. They noted that the move was a valuation call. Jefferies Financial Group lifted their price objective on RingCentral from $81.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, May 10th. Craig Hallum lifted their price objective on RingCentral from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, May 10th. Finally, Oppenheimer lifted their price objective on RingCentral from $66.00 to $79.00 and gave the company an “outperform” rating in a research report on Thursday, May 10th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $86.46.

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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