US Bancorp DE Increases Position in RingCentral Inc (NYSE:RNG)

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US Bancorp DE increased its stake in shares of RingCentral Inc (NYSE:RNG) by 2.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 201,833 shares of the software maker’s stock after buying an additional 4,173 shares during the quarter. US Bancorp DE’s holdings in RingCentral were worth $23,194,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Eagle Asset Management Inc. grew its holdings in shares of RingCentral by 0.6% during the second quarter. Eagle Asset Management Inc. now owns 686,925 shares of the software maker’s stock valued at $78,941,000 after buying an additional 3,917 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of RingCentral by 10.2% during the fourth quarter. Geode Capital Management LLC now owns 641,969 shares of the software maker’s stock valued at $52,923,000 after buying an additional 59,629 shares during the last quarter. FIL Ltd purchased a new stake in shares of RingCentral during the first quarter valued at $67,944,000. Charles Schwab Investment Management Inc. grew its holdings in shares of RingCentral by 4.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 431,461 shares of the software maker’s stock valued at $49,584,000 after buying an additional 19,191 shares during the last quarter. Finally, Raymond James & Associates grew its holdings in shares of RingCentral by 16.0% during the first quarter. Raymond James & Associates now owns 351,776 shares of the software maker’s stock valued at $37,921,000 after buying an additional 48,418 shares during the last quarter. 83.44% of the stock is currently owned by hedge funds and other institutional investors.

RNG has been the subject of a number of research reports. Oppenheimer boosted their target price on shares of RingCentral from $130.00 to $155.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. Bank of America boosted their target price on shares of RingCentral from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. SunTrust Banks boosted their target price on shares of RingCentral to $163.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Needham & Company LLC restated a “buy” rating and set a $150.00 target price (up from $140.00) on shares of RingCentral in a research report on Tuesday, July 30th. Finally, Raymond James boosted their target price on shares of RingCentral from $140.00 to $175.00 and gave the company a “strong-buy” rating in a research report on Tuesday, July 30th. Two research 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 stock. RingCentral currently has a consensus rating of “Buy” and a consensus target price of $135.94.

In other RingCentral news, CAO John H. Marlow sold 27,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $143.06, for a total value of $3,862,620.00. Following the completion of the transaction, the chief accounting officer now owns 175,408 shares in the company, valued at $25,093,868.48. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 113,687 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $139.45, for a total transaction of $15,853,652.15. Following the completion of the transaction, the chief executive officer now owns 292,020 shares of the company’s stock, valued at approximately $40,722,189. The disclosure for this sale can be found here. In the last quarter, insiders sold 408,986 shares of company stock valued at $55,074,381. Insiders own 11.03% of the company’s stock.

Shares of RingCentral stock traded down $0.21 during trading hours on Friday, reaching $127.15. The stock had a trading volume of 837,207 shares, compared to its average volume of 711,408. The stock’s 50 day moving average is $137.25 and its 200 day moving average is $119.81. The firm has a market capitalization of $10.57 billion, a PE ratio of -3,178.75 and a beta of 0.87. RingCentral Inc has a twelve month low of $64.41 and a twelve month high of $146.38. The company has a current ratio of 2.99, a quick ratio of 2.99 and a debt-to-equity ratio of 1.13.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, July 29th. The software maker reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.13. The business had revenue of $215.20 million during the quarter, compared to the consensus estimate of $204.70 million. RingCentral had a negative net margin of 3.95% and a negative return on equity of 1.13%. The company’s revenue was up 33.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 earnings per share. As a group, sell-side analysts predict that RingCentral Inc will post -0.13 earnings per share for the current year.

RingCentral 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.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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