Cubist Systematic Strategies LLC Has $19.63 Million Position in RingCentral Inc (NYSE:RNG)

Cubist Systematic Strategies LLC grew its position in RingCentral Inc (NYSE:RNG) by 227.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 170,842 shares of the software maker’s stock after acquiring an additional 118,656 shares during the period. Cubist Systematic Strategies LLC owned about 0.21% of RingCentral worth $19,633,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in RingCentral by 2.5% during the second quarter. Vanguard Group Inc. now owns 6,439,805 shares of the software maker’s stock worth $740,062,000 after buying an additional 157,358 shares during the last quarter. Eagle Asset Management Inc. increased its position in shares of RingCentral by 0.6% during the 2nd quarter. Eagle Asset Management Inc. now owns 686,925 shares of the software maker’s stock valued at $78,941,000 after purchasing an additional 3,917 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of RingCentral by 10.2% during the 4th quarter. Geode Capital Management LLC now owns 641,969 shares of the software maker’s stock valued at $52,923,000 after acquiring an additional 59,629 shares during the period. FIL Ltd bought a new position in RingCentral in the 1st quarter worth approximately $67,944,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in RingCentral by 4.7% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 431,461 shares of the software maker’s stock valued at $49,584,000 after buying an additional 19,191 shares during the period. 82.22% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE RNG traded up $0.77 during midday trading on Friday, reaching $134.10. 9,160 shares of the company’s stock were exchanged, compared to its average volume of 705,388. RingCentral Inc has a 52-week low of $64.41 and a 52-week high of $146.38. The stock has a market capitalization of $10.84 billion, a PE ratio of -3,350.50 and a beta of 0.87. 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 business’s fifty day moving average price is $137.24 and its two-hundred day moving average price is $120.50.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.13. The business had revenue of $215.20 million for the quarter, compared to analyst estimates of $204.70 million. RingCentral had a negative return on equity of 1.13% and a negative net margin of 3.95%. The company’s revenue for the quarter was up 33.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.19 earnings per share. Analysts predict that RingCentral Inc will post -0.13 earnings per share for the current fiscal year.

In other RingCentral news, CAO John H. Marlow sold 27,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $143.06, for a total transaction of $3,862,620.00. Following the sale, the chief accounting officer now directly owns 175,408 shares of the company’s stock, valued at approximately $25,093,868.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Praful Shah sold 5,016 shares of the business’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $115.33, for a total transaction of $578,495.28. Following the sale, the insider now directly owns 257,763 shares in the company, valued at $29,727,806.79. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 408,986 shares of company stock valued at $55,074,381. 11.03% of the stock is currently owned by insiders.

Several equities research analysts have weighed in on the company. Jefferies Financial Group raised their price target on RingCentral from $140.00 to $152.00 and gave the stock a “buy” rating in a 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 note on Tuesday, July 30th. SunTrust Banks lifted their target price on RingCentral to $163.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Morgan Stanley lifted their target price on RingCentral from $129.00 to $136.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, Oppenheimer lifted their target price on RingCentral from $130.00 to $155.00 and gave the company an “outperform” 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 given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $138.63.

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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