Optimal Asset Management Inc. Purchases New Shares in RingCentral, Inc. (NYSE:RNG)

Optimal Asset Management Inc. acquired a new position in shares of RingCentral, Inc. (NYSE:RNG) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,900 shares of the software maker’s stock, valued at approximately $566,000.

Other institutional investors have also recently made changes to their positions in the company. Safeguard Investment Advisory Group LLC purchased a new position in RingCentral during the 4th quarter worth $35,000. Whittier Trust Co. raised its position in RingCentral by 86.2% during the 1st quarter. Whittier Trust Co. now owns 121 shares of the software maker’s stock worth $36,000 after buying an additional 56 shares during the last quarter. Penserra Capital Management LLC raised its position in RingCentral by 18.4% during the 4th quarter. Penserra Capital Management LLC now owns 161 shares of the software maker’s stock worth $61,000 after buying an additional 25 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in RingCentral by 102.9% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 278 shares of the software maker’s stock worth $83,000 after buying an additional 141 shares during the last quarter. Finally, Berman Capital Advisors LLC raised its position in RingCentral by 21.8% during the 4th quarter. Berman Capital Advisors LLC now owns 274 shares of the software maker’s stock worth $102,000 after buying an additional 49 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.

A number of equities analysts have recently issued reports on the stock. Colliers Securities reiterated a “buy” rating and issued a $470.00 price target on shares of RingCentral in a report on Tuesday, May 25th. Mizuho cut their price target on shares of RingCentral from $500.00 to $400.00 and set a “buy” rating for the company in a report on Wednesday, May 5th. UBS Group assumed coverage on shares of RingCentral in a report on Thursday, May 27th. They issued a “neutral” rating and a $275.00 price target for the company. Raymond James cut their price target on shares of RingCentral from $515.00 to $410.00 and set a “strong-buy” rating for the company in a report on Wednesday, May 5th. Finally, Morgan Stanley cut their price target on shares of RingCentral from $455.00 to $390.00 and set an “overweight” rating for the company in a report on Friday, May 14th. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $427.00.

In related news, CAO John H. Marlow sold 670 shares of the firm’s stock in a transaction that occurred on Tuesday, July 13th. The shares were sold at an average price of $285.77, for a total value of $191,465.90. Following the transaction, the chief accounting officer now owns 194,046 shares in the company, valued at $55,452,525.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Vladimir Shmunis sold 17,760 shares of the firm’s stock in a transaction that occurred on Thursday, May 20th. The shares were sold at an average price of $256.91, for a total transaction of $4,562,721.60. Following the completion of the transaction, the chief executive officer now 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 35,683 shares of company stock worth $9,262,038 in the last 90 days. 7.35% of the stock is currently owned by insiders.

RNG opened at $267.75 on Thursday. The business has a 50 day moving average of $271.60. The company has a debt-to-equity ratio of 6.22, a current ratio of 1.67 and a quick ratio of 1.67. RingCentral, Inc. has a 1 year low of $229.00 and a 1 year high of $449.00. The firm has a market capitalization of $24.33 billion, a PE ratio of -1,071.00 and a beta of 0.70.

RingCentral (NYSE:RNG) last released its earnings results on Tuesday, May 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.02. RingCentral had a negative net margin of 1.77% and a negative return on equity of 27.38%. The business had revenue of $352.36 million for the quarter, compared to analysts’ expectations of $339.43 million. During the same period last year, the company earned $0.19 earnings per share. The company’s quarterly revenue was up 31.7% on a year-over-year basis. On average, research analysts expect that RingCentral, Inc. will post -2.13 earnings per share for the current year.

About RingCentral

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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