Rhumbline Advisers Decreases Position in RingCentral (NYSE:RNG)

Rhumbline Advisers lowered its holdings in RingCentral (NYSE:RNG) by 12.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,376 shares of the software maker’s stock after selling 8,938 shares during the quarter. Rhumbline Advisers owned 0.08% of RingCentral worth $3,019,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Nationwide Fund Advisors grew its stake in shares of RingCentral by 3.3% in the third quarter. Nationwide Fund Advisors now owns 146,145 shares of the software maker’s stock valued at $6,102,000 after buying an additional 4,704 shares in the last quarter. State Board of Administration of Florida Retirement System grew its stake in RingCentral by 11.3% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 32,006 shares of the software maker’s stock worth $1,336,000 after purchasing an additional 3,260 shares in the last quarter. Swiss National Bank grew its stake in RingCentral by 1.8% during the 3rd quarter. Swiss National Bank now owns 93,800 shares of the software maker’s stock worth $3,916,000 after purchasing an additional 1,700 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its stake in RingCentral by 91.8% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 20,291 shares of the software maker’s stock worth $847,000 after purchasing an additional 9,710 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in RingCentral by 1.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 281,185 shares of the software maker’s stock worth $11,739,000 after purchasing an additional 3,468 shares in the last quarter. Institutional investors own 75.76% of the company’s stock.

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NYSE:RNG traded down $1.05 during trading hours on Friday, reaching $63.60. 732,153 shares of the company traded hands, compared to its average volume of 597,347. The stock has a market cap of $5,003.48, a PE ratio of -181.71 and a beta of 0.67. RingCentral has a 1-year low of $27.15 and a 1-year high of $69.60.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, February 12th. The software maker reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. RingCentral had a negative return on equity of 16.54% and a negative net margin of 5.21%. The firm had revenue of $140.50 million for the quarter, compared to analysts’ expectations of $136.34 million. During the same quarter in the prior year, the firm earned $0.03 EPS. RingCentral’s quarterly revenue was up 34.4% on a year-over-year basis. equities analysts anticipate that RingCentral will post -0.24 EPS for the current year.

RingCentral announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, February 27th that allows the company to buyback $35.00 million in shares. This buyback authorization allows the software maker to purchase shares of its stock through a private placement purchase. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

A number of analysts have issued reports on the company. Northland Securities set a $61.00 price target on RingCentral and gave the stock a “buy” rating in a report on Tuesday, February 13th. TheStreet raised RingCentral from a “d+” rating to a “c-” rating in a report on Monday, February 12th. Bank of America boosted their target price on RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. JPMorgan Chase downgraded RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 target price for the company. in a report on Tuesday, December 12th. Finally, SunTrust Banks upped their price objective on RingCentral to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $53.79.

In related news, COO David Sipes sold 9,300 shares of the stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $48.86, for a total value of $454,398.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO John H. Marlow sold 2,639 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $62.35, for a total value of $164,541.65. Following the completion of the transaction, the chief accounting officer now directly owns 120,355 shares in the company, valued at $7,504,134.25. The disclosure for this sale can be found here. Insiders sold a total of 196,196 shares of company stock worth $12,434,018 over the last ninety days. Corporate insiders own 14.53% of the company’s stock.

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RingCentral Profile

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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