Qube Research & Technologies Ltd Invests $14.55 Million in RingCentral, Inc. (NYSE:RNG)

Qube Research & Technologies Ltd acquired a new position in shares of RingCentral, Inc. (NYSE:RNGGet Rating) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 124,159 shares of the software maker’s stock, valued at approximately $14,553,000. Qube Research & Technologies Ltd owned approximately 0.13% of RingCentral at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Covestor Ltd acquired a new stake in shares of RingCentral during the 4th quarter worth approximately $38,000. Standard Family Office LLC acquired a new stake in shares of RingCentral during the 4th quarter worth approximately $43,000. Larson Financial Group LLC acquired a new stake in RingCentral in the 4th quarter valued at $44,000. Richelieu Gestion PLC acquired a new stake in RingCentral in the 1st quarter valued at $37,000. Finally, Newbridge Financial Services Group Inc. boosted its stake in RingCentral by 177.9% in the 1st quarter. Newbridge Financial Services Group Inc. now owns 314 shares of the software maker’s stock valued at $37,000 after buying an additional 201 shares in the last quarter. Institutional investors and hedge funds own 85.96% of the company’s stock.

RingCentral Stock Down 2.6 %

RNG stock opened at $47.75 on Friday. The company has a debt-to-equity ratio of 33.52, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a market capitalization of $4.40 billion, a P/E ratio of -7.76 and a beta of 0.94. The business has a 50-day moving average of $55.05 and a 200-day moving average of $95.31. RingCentral, Inc. has a fifty-two week low of $47.28 and a fifty-two week high of $315.00.

RingCentral (NYSE:RNGGet Rating) last posted its quarterly earnings data on Monday, May 9th. The software maker reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.54) by ($0.09). RingCentral had a negative return on equity of 160.19% and a negative net margin of 31.67%. The firm had revenue of $467.66 million for the quarter, compared to analyst estimates of $458.36 million. During the same period in the prior year, the company earned ($0.41) earnings per share. The firm’s quarterly revenue was up 32.7% on a year-over-year basis. On average, sell-side analysts anticipate that RingCentral, Inc. will post -1.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on the company. MKM Partners assumed coverage on RingCentral in a research note on Thursday. They issued a “buy” rating and a $80.00 price target on the stock. Barclays cut their price objective on RingCentral from $140.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. UBS Group cut their price objective on RingCentral from $84.00 to $60.00 and set a “neutral” rating for the company in a research report on Wednesday. Jefferies Financial Group cut their price objective on RingCentral from $100.00 to $80.00 in a research report on Monday, May 23rd. Finally, William Blair reiterated an “outperform” rating on shares of RingCentral in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, RingCentral presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.73.

Insider Buying and Selling

In related news, CFO Sonalee Elizabeth Parekh sold 15,360 shares of the company’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $62.69, for a total transaction of $962,918.40. Following the sale, the chief financial officer now owns 113,528 shares in the company, valued at $7,117,070.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Sonalee Elizabeth Parekh sold 15,360 shares of the company’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $62.69, for a total transaction of $962,918.40. Following the sale, the chief financial officer now owns 113,528 shares in the company, valued at $7,117,070.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Mohammed Katibeh sold 1,846 shares of the company’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total value of $124,789.60. Following the sale, the chief operating officer now owns 110,098 shares in the company, valued at approximately $7,442,624.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,029 shares of company stock worth $2,841,132. Corporate insiders own 7.35% of the company’s stock.

RingCentral Profile

(Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. 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.

Further Reading

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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