Neuberger Berman Group LLC Has $125.24 Million Stock Position in RingCentral, Inc. (NYSE:RNG)

Neuberger Berman Group LLC grew its stake in shares of RingCentral, Inc. (NYSE:RNG) by 71.0% during the 2nd quarter, Holdings Channel reports. The firm owned 431,057 shares of the software maker’s stock after buying an additional 178,933 shares during the period. Neuberger Berman Group LLC’s holdings in RingCentral were worth $125,241,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of RNG. Bamco Inc. NY increased its position in shares of RingCentral by 60.9% during the 2nd quarter. Bamco Inc. NY now owns 1,197,548 shares of the software maker’s stock worth $347,983,000 after purchasing an additional 453,242 shares during the last quarter. Millennium Management LLC increased its position in shares of RingCentral by 348.7% during the 1st quarter. Millennium Management LLC now owns 232,465 shares of the software maker’s stock worth $69,247,000 after purchasing an additional 180,660 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of RingCentral by 141.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 215,706 shares of the software maker’s stock worth $62,678,000 after purchasing an additional 126,334 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of RingCentral by 10.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,335,150 shares of the software maker’s stock worth $397,719,000 after purchasing an additional 122,424 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of RingCentral by 507.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 117,074 shares of the software maker’s stock worth $34,874,000 after purchasing an additional 97,804 shares during the last quarter. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE RNG opened at $236.96 on Thursday. The company has a debt-to-equity ratio of 14.81, a current ratio of 1.45 and a quick ratio of 1.45. The stock’s fifty day moving average price is $236.93 and its two-hundred day moving average price is $267.00. RingCentral, Inc. has a one year low of $207.53 and a one year high of $449.00. The firm has a market cap of $21.68 billion, a price-to-earnings ratio of -160.11 and a beta of 0.64.

RingCentral (NYSE:RNG) last released its earnings results on Tuesday, August 3rd. The software maker reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.89. The firm had revenue of $379.27 million during the quarter, compared to the consensus estimate of $358.97 million. RingCentral had a negative return on equity of 59.27% and a negative net margin of 9.78%. On average, equities analysts anticipate that RingCentral, Inc. will post -1.9 earnings per share for the current fiscal year.

In other news, CEO Vladimir Shmunis sold 29,652 shares of the company’s stock in a transaction on Tuesday, September 14th. The stock was sold at an average price of $218.58, for a total transaction of $6,481,334.16. Following the completion of the sale, the chief executive officer now directly owns 172,382 shares in the company, valued at approximately $37,679,257.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO John H. Marlow sold 19,500 shares of the company’s stock in a transaction on Tuesday, August 10th. The stock was sold at an average price of $258.06, for a total value of $5,032,170.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 97,755 shares of company stock valued at $23,651,332. Corporate insiders own 7.35% of the company’s stock.

Several research analysts have weighed in on RNG shares. Wells Fargo & Company lowered their price target on RingCentral from $425.00 to $375.00 and set an “overweight” rating on the stock in a research report on Monday. Zacks Investment Research raised RingCentral from a “sell” rating to a “hold” rating and set a $285.00 target price on the stock in a report on Tuesday, July 27th. UBS Group boosted their target price on RingCentral from $275.00 to $300.00 and gave the stock a “neutral” rating in a report on Wednesday, August 4th. Needham & Company LLC initiated coverage on RingCentral in a report on Monday, June 21st. They set a “buy” rating and a $360.00 target price on the stock. Finally, Colliers Securities reissued a “buy” rating and set a $470.00 target price on shares of RingCentral in a report on Wednesday, September 1st. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, RingCentral has an average rating of “Buy” and an average price target of $418.85.

RingCentral Company 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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