Advisory Services Network LLC Sells 378 Shares of RingCentral, Inc. (NYSE:RNG)

Advisory Services Network LLC cut its holdings in RingCentral, Inc. (NYSE:RNG) by 28.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 953 shares of the software maker’s stock after selling 378 shares during the period. Advisory Services Network LLC’s holdings in RingCentral were worth $207,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RNG. HighTower Advisors LLC raised its position in RingCentral by 77.1% in the second quarter. HighTower Advisors LLC now owns 3,952 shares of the software maker’s stock worth $1,154,000 after acquiring an additional 1,721 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of RingCentral by 13.1% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,972 shares of the software maker’s stock valued at $4,060,000 after purchasing an additional 1,622 shares during the period. Ethic Inc. raised its position in shares of RingCentral by 14.0% during the 2nd quarter. Ethic Inc. now owns 1,355 shares of the software maker’s stock valued at $394,000 after purchasing an additional 166 shares during the period. Skandinaviska Enskilda Banken AB publ raised its position in shares of RingCentral by 12.4% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 14,049 shares of the software maker’s stock valued at $4,082,000 after purchasing an additional 1,547 shares during the period. Finally, Toronto Dominion Bank raised its position in shares of RingCentral by 5.8% during the 2nd quarter. Toronto Dominion Bank now owns 10,789 shares of the software maker’s stock valued at $3,135,000 after purchasing an additional 592 shares during the period. Institutional investors and hedge funds own 84.42% of the company’s stock.

NYSE:RNG opened at $176.61 on Friday. The company has a market cap of $16.28 billion, a PE ratio of -62.19 and a beta of 0.68. RingCentral, Inc. has a twelve month low of $165.51 and a twelve month high of $449.00. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 30.54. The company’s 50 day moving average is $206.12 and its two-hundred day moving average is $234.64.

RingCentral (NYSE:RNG) last released its earnings results on Tuesday, November 9th. The software maker reported $0.36 earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.95. The company had revenue of $414.63 million for the quarter, compared to the consensus estimate of $393.42 million. RingCentral had a negative net margin of 17.54% and a negative return on equity of 111.17%. During the same quarter in the previous year, the firm earned ($0.24) EPS. As a group, analysts expect that RingCentral, Inc. will post -1.78 EPS for the current fiscal year.

Several brokerages have recently commented on RNG. Wells Fargo & Company decreased their price objective on shares of RingCentral from $400.00 to $250.00 and set an “overweight” rating on the stock in a research report on Monday, December 13th. The Goldman Sachs Group assumed coverage on shares of RingCentral in a report on Thursday, December 16th. They issued a “buy” rating and a $240.00 price target on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of RingCentral from $400.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, December 9th. Northland Securities reduced their price target on shares of RingCentral from $450.00 to $410.00 and set an “outperform” rating on the stock in a report on Wednesday, November 10th. Finally, Jefferies Financial Group dropped their price objective on shares of RingCentral from $450.00 to $360.00 and set a “buy” rating for the company in a research note on Thursday, October 21st. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $361.41.

In other news, CEO Vladimir Shmunis sold 21,222 shares of the company’s stock in a transaction on Monday, November 22nd. The shares were sold at an average price of $218.80, for a total value of $4,643,373.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Vaibhav Agarwal sold 274 shares of the company’s stock in a transaction on Thursday, October 21st. The shares were sold at an average price of $250.00, for a total transaction of $68,500.00. The disclosure for this sale can be found here. Insiders sold a total of 53,212 shares of company stock worth $12,253,506 over the last ninety days. Insiders own 7.35% of the company’s stock.

RingCentral Profile

RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones; and allow for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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