RingCentral, Inc. (NYSE:RNG) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. reduced its position in RingCentral, Inc. (NYSE:RNG) by 51.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 118,541 shares of the software maker’s stock after selling 126,998 shares during the quarter. Point72 Asset Management L.P. owned about 0.13% of RingCentral worth $35,311,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Jennison Associates LLC raised its stake in RingCentral by 25.6% in the 1st quarter. Jennison Associates LLC now owns 5,154,995 shares of the software maker’s stock valued at $1,535,570,000 after purchasing an additional 1,052,241 shares during the last quarter. Janus Henderson Group PLC grew its holdings in RingCentral by 10.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,335,150 shares of the software maker’s stock valued at $397,719,000 after buying an additional 122,424 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in RingCentral by 516.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,225,084 shares of the software maker’s stock valued at $464,270,000 after buying an additional 1,026,446 shares in the last quarter. Geode Capital Management LLC grew its holdings in RingCentral by 7.3% in the 1st quarter. Geode Capital Management LLC now owns 885,667 shares of the software maker’s stock valued at $263,445,000 after buying an additional 60,048 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in RingCentral by 4.8% in the 1st quarter. Northern Trust Corp now owns 513,327 shares of the software maker’s stock valued at $152,910,000 after buying an additional 23,428 shares in the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

Shares of RingCentral stock opened at $268.74 on Thursday. The firm’s 50-day moving average price is $271.60. RingCentral, Inc. has a 12 month low of $229.00 and a 12 month high of $449.00. The stock has a market cap of $24.42 billion, a PE ratio of -1,071.00 and a beta of 0.70. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 6.22.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Tuesday, May 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.02. The company had revenue of $352.36 million for the quarter, compared to analyst estimates of $339.43 million. RingCentral had a negative return on equity of 27.38% and a negative net margin of 1.77%. RingCentral’s revenue for the quarter was up 31.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.19 EPS. Equities research analysts anticipate that RingCentral, Inc. will post -2.13 EPS for the current year.

In other news, CAO John H. Marlow sold 670 shares of the firm’s stock in a transaction dated Tuesday, July 13th. The stock was sold at an average price of $285.77, for a total transaction of $191,465.90. Following the sale, the chief accounting officer now owns 194,046 shares of the company’s stock, valued at approximately $55,452,525.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 17,760 shares of the firm’s stock in a transaction dated Thursday, May 20th. The stock was sold at an average price of $256.91, for a total value of $4,562,721.60. Following the sale, the chief executive officer now directly owns 218,631 shares in the company, valued at approximately $56,168,490.21. The disclosure for this sale can be found here. Insiders sold a total of 35,683 shares of company stock worth $9,262,038 in the last ninety days. 7.35% of the stock is owned by corporate insiders.

Several analysts have issued reports on the company. Needham & Company LLC assumed coverage on RingCentral in a report on Monday, June 21st. They issued a “buy” rating and a $360.00 target price for the company. Colliers Securities restated a “buy” rating and issued a $470.00 target price on shares of RingCentral in a report on Tuesday, May 25th. Raymond James dropped their target price on RingCentral from $515.00 to $410.00 and set a “strong-buy” rating for the company in a report on Wednesday, May 5th. Bank of America initiated coverage on RingCentral in a report on Tuesday, April 20th. They set a “buy” rating and a $450.00 price target for the company. Finally, Zacks Investment Research upgraded RingCentral from a “strong sell” rating to a “hold” rating and set a $335.00 price target for the company in a report on Tuesday, April 20th. Three investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $427.00.

RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. 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.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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