Guggenheim Capital LLC Sells 3,844 Shares of RingCentral (RNG)

Guggenheim Capital LLC cut its holdings in shares of RingCentral (NYSE:RNG) by 12.1% in the 4th quarter, Holdings Channel reports. The firm owned 27,849 shares of the software maker’s stock after selling 3,844 shares during the period. Guggenheim Capital LLC’s holdings in RingCentral were worth $1,348,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in RingCentral by 17.2% during the fourth quarter. BlackRock Inc. now owns 5,110,028 shares of the software maker’s stock valued at $247,325,000 after purchasing an additional 750,564 shares during the last quarter. Renaissance Technologies LLC lifted its stake in RingCentral by 14.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock valued at $85,644,000 after purchasing an additional 228,200 shares during the last quarter. OppenheimerFunds Inc. lifted its stake in RingCentral by 3.6% during the fourth quarter. OppenheimerFunds Inc. now owns 640,825 shares of the software maker’s stock valued at $31,015,000 after purchasing an additional 22,530 shares during the last quarter. Geode Capital Management LLC lifted its stake in RingCentral by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 530,786 shares of the software maker’s stock valued at $25,689,000 after purchasing an additional 6,043 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in RingCentral by 5.6% during the fourth quarter. Wells Fargo & Company MN now owns 513,255 shares of the software maker’s stock valued at $24,842,000 after purchasing an additional 27,177 shares during the last quarter. 75.77% of the stock is owned by institutional investors and hedge funds.

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RNG has been the subject of several recent research reports. JPMorgan Chase increased their target price on shares of RingCentral from $52.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, February 13th. Stephens reissued a “buy” rating and set a $60.00 target price on shares of RingCentral in a research note on Tuesday, February 13th. Morgan Stanley set a $60.00 target price on shares of RingCentral and gave the company a “hold” rating in a research note on Tuesday, February 13th. Oppenheimer increased their target price on shares of RingCentral from $60.00 to $66.00 and gave the company an “outperform” rating in a research note on Tuesday, February 13th. Finally, Craig Hallum increased their target price on shares of RingCentral from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $55.43.

RNG stock opened at $67.10 on Friday. RingCentral has a 52-week low of $29.15 and a 52-week high of $69.60. The company has a market cap of $5,341.76, a PE ratio of -191.71 and a beta of 0.67.

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

RingCentral declared that its board has authorized a stock buyback plan on Tuesday, February 27th that authorizes the company to repurchase $35.00 million in outstanding shares. This repurchase authorization authorizes the software maker to buy shares of its stock through a private placement purchase. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

In other news, insider Praful Shah sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $64.34, for a total transaction of $643,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Vladimir Shmunis sold 52,509 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $64.06, for a total transaction of $3,363,726.54. Following the sale, the chief executive officer now owns 300,154 shares in the company, valued at approximately $19,227,865.24. The disclosure for this sale can be found here. Insiders have sold 225,269 shares of company stock worth $14,582,112 in the last 90 days. 14.53% of the stock is owned by company insiders.

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About RingCentral

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.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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