RingCentral Inc (RNG) Holdings Lifted by Parallel Advisors LLC

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Parallel Advisors LLC boosted its holdings in shares of RingCentral Inc (NYSE:RNG) by 416.7% during the 1st quarter, HoldingsChannel reports. The fund owned 620 shares of the software maker’s stock after purchasing an additional 500 shares during the period. Parallel Advisors LLC’s holdings in RingCentral were worth $67,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of RNG. Neuburgh Advisers LLC bought a new position in RingCentral during the fourth quarter worth about $25,000. Ffcm LLC bought a new position in RingCentral during the fourth quarter worth about $27,000. CX Institutional bought a new position in RingCentral during the first quarter worth about $36,000. Karp Capital Management Corp bought a new position in RingCentral during the fourth quarter worth about $41,000. Finally, Evolution Wealth Advisors LLC bought a new position in RingCentral during the fourth quarter worth about $99,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

Shares of RingCentral stock opened at $118.19 on Wednesday. The stock has a market capitalization of $9.40 billion, a PE ratio of -2,954.75 and a beta of 0.95. RingCentral Inc has a one year low of $64.41 and a one year high of $123.98. The company has a debt-to-equity ratio of 1.19, a quick ratio of 3.55 and a current ratio of 3.08.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, May 6th. The software maker reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.16). The firm had revenue of $201.50 million during the quarter, compared to the consensus estimate of $193.54 million. RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.73%. The business’s revenue for the quarter was up 34.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 earnings per share. Analysts predict that RingCentral Inc will post -0.43 earnings per share for the current fiscal year.

Several research analysts have weighed in on the company. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Saturday, January 26th. Raymond James lifted their target price on RingCentral from $116.00 to $140.00 and gave the stock a “strong-buy” rating in a report on Tuesday, May 7th. UBS Group lifted their target price on RingCentral from $117.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. Guggenheim assumed coverage on RingCentral in a report on Monday, March 11th. They set a “buy” rating and a $125.00 target price on the stock. Finally, Deutsche Bank lifted their target price on RingCentral from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. RingCentral currently has an average rating of “Buy” and a consensus target price of $120.72.

In other news, COO David Sipes sold 7,300 shares of the business’s stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $103.89, for a total value of $758,397.00. Following the sale, the chief operating officer now directly owns 265,405 shares in the company, valued at $27,572,925.45. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mitesh Dhruv sold 1,326 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $106.58, for a total value of $141,325.08. Following the completion of the sale, the chief financial officer now owns 132,887 shares in the company, valued at $14,163,096.46. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 513,774 shares of company stock worth $53,638,015. Corporate insiders own 11.03% of the company’s stock.

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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.

Further Reading: When is a capital gain realized?

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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