US Bancorp DE Raises Holdings in RingCentral Inc (NYSE:RNG)

US Bancorp DE grew its position in shares of RingCentral Inc (NYSE:RNG) by 2.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 201,833 shares of the software maker’s stock after purchasing an additional 4,173 shares during the period. US Bancorp DE owned approximately 0.25% of RingCentral worth $23,194,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of RNG. Penserra Capital Management LLC purchased a new position in shares of RingCentral during the first quarter valued at about $36,000. Signaturefd LLC grew its position in shares of RingCentral by 31.4% during the first quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock valued at $39,000 after purchasing an additional 87 shares in the last quarter. Baldwin Brothers Inc. MA grew its position in RingCentral by 90.0% in the second quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock worth $44,000 after acquiring an additional 180 shares in the last quarter. Glen Harbor Capital Management LLC grew its position in RingCentral by 140.0% in the second quarter. Glen Harbor Capital Management LLC now owns 384 shares of the software maker’s stock worth $44,000 after acquiring an additional 224 shares in the last quarter. Finally, Tyers Asset Management LLC grew its position in RingCentral by 140.0% in the second quarter. Tyers Asset Management LLC now owns 528 shares of the software maker’s stock worth $61,000 after acquiring an additional 308 shares in the last quarter. Hedge funds and other institutional investors own 83.44% of the company’s stock.

NYSE RNG traded down $0.21 during trading on Friday, hitting $127.15. The stock had a trading volume of 837,207 shares, compared to its average volume of 711,408. The company has a debt-to-equity ratio of 1.13, a quick ratio of 2.99 and a current ratio of 2.99. The stock has a market capitalization of $10.57 billion, a price-to-earnings ratio of -3,178.75 and a beta of 0.87. RingCentral Inc has a one year low of $64.41 and a one year high of $146.38. The stock has a 50 day simple moving average of $137.25 and a 200 day simple moving average of $119.81.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, July 29th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.13. The business had revenue of $215.20 million during the quarter, compared to the consensus estimate of $204.70 million. RingCentral had a negative net margin of 3.95% and a negative return on equity of 1.13%. The firm’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.19 earnings per share. On average, sell-side analysts predict that RingCentral Inc will post -0.13 EPS for the current year.

In other RingCentral news, insider Vaibhav Agarwal sold 578 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $142.85, for a total value of $82,567.30. Following the completion of the sale, the insider now owns 22,291 shares of the company’s stock, valued at $3,184,269.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Praful Shah sold 5,016 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $115.33, for a total transaction of $578,495.28. Following the completion of the sale, the insider now directly owns 257,763 shares of the company’s stock, valued at approximately $29,727,806.79. The disclosure for this sale can be found here. In the last three months, insiders sold 408,986 shares of company stock valued at $55,074,381. 11.03% of the stock is owned by insiders.

Several research analysts recently commented on the company. SunTrust Banks lifted their price target on RingCentral to $163.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Oppenheimer lifted their price target on RingCentral from $130.00 to $155.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Jefferies Financial Group lifted their price target on RingCentral from $140.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Raymond James lifted their price target on RingCentral from $140.00 to $175.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, July 30th. Finally, Bank of America lifted their price target on RingCentral from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. RingCentral presently has an average rating of “Buy” and an average price target of $135.94.

RingCentral Company Profile

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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