UBS Asset Management Americas Inc. Acquires 135,484 Shares of RingCentral Inc (NYSE:RNG)

UBS Asset Management Americas Inc. boosted its holdings in shares of RingCentral Inc (NYSE:RNG) by 165.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 217,248 shares of the software maker’s stock after acquiring an additional 135,484 shares during the quarter. UBS Asset Management Americas Inc.’s holdings in RingCentral were worth $36,643,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of RNG. Voya Investment Management LLC raised its position in RingCentral by 58.4% during the third quarter. Voya Investment Management LLC now owns 30,704 shares of the software maker’s stock valued at $3,859,000 after acquiring an additional 11,322 shares in the last quarter. Virtu Financial LLC raised its position in RingCentral by 34.7% during the third quarter. Virtu Financial LLC now owns 6,385 shares of the software maker’s stock valued at $802,000 after acquiring an additional 1,646 shares in the last quarter. Pictet Asset Management Ltd. raised its position in RingCentral by 74.5% during the third quarter. Pictet Asset Management Ltd. now owns 396,785 shares of the software maker’s stock valued at $49,860,000 after acquiring an additional 169,369 shares in the last quarter. California State Teachers Retirement System raised its position in RingCentral by 3.2% during the third quarter. California State Teachers Retirement System now owns 114,954 shares of the software maker’s stock valued at $14,445,000 after acquiring an additional 3,606 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in RingCentral by 12.0% during the third quarter. Public Employees Retirement System of Ohio now owns 23,684 shares of the software maker’s stock valued at $2,976,000 after acquiring an additional 2,545 shares in the last quarter. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts recently weighed in on the stock. Goldman Sachs Group raised their price objective on shares of RingCentral from $230.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Guggenheim raised their price objective on shares of RingCentral from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Oppenheimer dropped their price target on shares of RingCentral from $250.00 to $203.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 17th. Craig Hallum lifted their price target on shares of RingCentral from $175.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Finally, Needham & Company LLC lifted their price target on shares of RingCentral from $220.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. RingCentral currently has an average rating of “Buy” and a consensus price target of $226.86.

Shares of NYSE:RNG traded up $27.44 during trading on Thursday, reaching $217.80. The stock had a trading volume of 1,680,558 shares, compared to its average volume of 1,440,345. RingCentral Inc has a 52 week low of $101.33 and a 52 week high of $252.20. The firm has a market capitalization of $16.58 billion, a price-to-earnings ratio of -340.31 and a beta of 0.55. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.56. The stock has a fifty day simple moving average of $214.16 and a two-hundred day simple moving average of $177.65.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Monday, February 10th. The software maker reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.01. The company had revenue of $252.87 million for the quarter, compared to analyst estimates of $237.38 million. RingCentral had a negative net margin of 5.94% and a negative return on equity of 2.87%. The company’s quarterly revenue was up 34.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.23 earnings per share. On average, analysts forecast that RingCentral Inc will post -0.66 EPS for the current year.

In other news, CAO John H. Marlow sold 5,136 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $241.82, for a total value of $1,241,987.52. Following the sale, the chief accounting officer now owns 166,741 shares in the company, valued at $40,321,308.62. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Vaibhav Agarwal sold 411 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $196.71, for a total transaction of $80,847.81. Following the completion of the sale, the chief accounting officer now owns 19,024 shares in the company, valued at approximately $3,742,211.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,940 shares of company stock worth $24,783,715. 11.03% of the stock is currently owned by corporate insiders.

About RingCentral

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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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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