Enterprise Trust & Investment Co reduced its position in shares of RingCentral, Inc. (NYSE:RNG) by 9.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,000 shares of the software maker’s stock after selling 100 shares during the period. Enterprise Trust & Investment Co’s holdings in RingCentral were worth $388,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Jennison Associates LLC increased its position in RingCentral by 3.3% during the 3rd quarter. Jennison Associates LLC now owns 5,105,846 shares of the software maker’s stock worth $1,402,116,000 after buying an additional 163,060 shares during the period. Scge Management L.P. increased its position in RingCentral by 18.6% during the third quarter. Scge Management L.P. now owns 1,503,000 shares of the software maker’s stock worth $412,739,000 after acquiring an additional 235,271 shares during the period. Massachusetts Financial Services Co. MA raised its stake in RingCentral by 19.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 526,753 shares of the software maker’s stock worth $144,652,000 after purchasing an additional 84,958 shares in the last quarter. Great West Life Assurance Co. Can grew its position in shares of RingCentral by 693.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 417,292 shares of the software maker’s stock worth $21,097,000 after purchasing an additional 364,681 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of RingCentral by 4.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 374,159 shares of the software maker’s stock worth $106,640,000 after purchasing an additional 17,249 shares during the period. Institutional investors and hedge funds own 85.96% of the company’s stock.
Shares of RNG opened at $387.71 on Thursday. The stock has a 50 day moving average of $362.05 and a 200 day moving average of $300.03. The company has a market capitalization of $34.75 billion, a price-to-earnings ratio of -340.10 and a beta of 0.53. RingCentral, Inc. has a 12 month low of $134.85 and a 12 month high of $405.46. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 1.84.
RNG has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on RingCentral from $340.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday. BidaskClub upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 22nd. Raymond James upped their price objective on shares of RingCentral from $355.00 to $450.00 and gave the stock a “strong-buy” rating in a research report on Friday, December 18th. ValuEngine lowered shares of RingCentral from a “buy” rating to a “hold” rating in a report on Tuesday, December 1st. Finally, Morgan Stanley raised shares of RingCentral from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $300.00 to $420.00 in a report on Thursday, December 17th. Two investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $324.46.
In related news, CEO Vladimir Shmunis sold 53,353 shares of RingCentral stock in a transaction that occurred on Friday, November 20th. The shares were sold at an average price of $298.92, for a total value of $15,948,278.76. Following the sale, the chief executive officer now owns 212,595 shares of the company’s stock, valued at approximately $63,548,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mitesh Dhruv sold 10,410 shares of the company’s stock in a transaction that occurred on Tuesday, January 12th. The shares were sold at an average price of $387.97, for a total value of $4,038,767.70. Following the completion of the transaction, the chief financial officer now owns 119,816 shares in the company, valued at approximately $46,485,013.52. The disclosure for this sale can be found here. Insiders have sold 215,617 shares of company stock valued at $68,961,388 in the last 90 days. 11.03% of the stock is currently owned by corporate insiders.
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company's 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 Professional, a cloud based virtual telephone service that provides inbound call answering and management services for professionals; and RingCentral Fax that provides online fax capabilities.
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