RingCentral Inc (RNG) Position Reduced by Highbridge Capital Management LLC

Highbridge Capital Management LLC trimmed its position in shares of RingCentral Inc (NYSE:RNG) by 13.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 40,500 shares of the software maker’s stock after selling 6,193 shares during the quarter. Highbridge Capital Management LLC owned about 0.05% of RingCentral worth $3,769,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale boosted its holdings in shares of RingCentral by 75.1% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock valued at $130,000 after acquiring an additional 601 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in shares of RingCentral by 287.0% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,513 shares of the software maker’s stock valued at $141,000 after acquiring an additional 1,122 shares during the last quarter. US Bancorp DE boosted its holdings in shares of RingCentral by 141.7% during the 2nd quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock valued at $123,000 after acquiring an additional 1,023 shares during the last quarter. Oakbrook Investments LLC purchased a new stake in shares of RingCentral during the 3rd quarter valued at about $205,000. Finally, Comerica Bank purchased a new stake in shares of RingCentral during the 2nd quarter valued at about $202,000. 78.01% of the stock is currently owned by institutional investors.

In other RingCentral news, CFO Mitesh Dhruv sold 1,264 shares of the firm’s stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $94.60, for a total transaction of $119,574.40. Following the sale, the chief financial officer now owns 159,952 shares in the company, valued at approximately $15,131,459.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO John H. Marlow sold 17,789 shares of the firm’s stock in a transaction that occurred on Monday, November 26th. The stock was sold at an average price of $74.35, for a total transaction of $1,322,612.15. Following the sale, the chief accounting officer now owns 152,546 shares in the company, valued at approximately $11,341,795.10. The disclosure for this sale can be found here. Insiders sold a total of 236,776 shares of company stock worth $19,523,863 in the last quarter. Company insiders own 11.99% of the company’s stock.

A number of analysts have recently issued reports on the stock. Rosenblatt Securities assumed coverage on shares of RingCentral in a report on Friday, September 7th. They set a “buy” rating and a $105.00 price target on the stock. Jefferies Financial Group raised their price target on shares of RingCentral to $105.00 and gave the company a “buy” rating in a report on Wednesday, September 5th. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a report on Friday, November 9th. TheStreet downgraded shares of RingCentral from a “c” rating to a “d+” rating in a report on Tuesday, November 6th. Finally, Deutsche Bank assumed coverage on shares of RingCentral in a report on Monday, October 8th. They set a “buy” rating and a $105.00 price target on the stock. 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. The stock has a consensus rating of “Buy” and a consensus target price of $90.47.

Shares of NYSE:RNG opened at $80.39 on Thursday. RingCentral Inc has a twelve month low of $43.85 and a twelve month high of $98.15. The company has a current ratio of 4.07, a quick ratio of 4.07 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $6.46 billion, a PE ratio of -229.69 and a beta of 1.12.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, November 5th. The software maker reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.03. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.64%. The firm had revenue of $173.83 million for the quarter, compared to analysts’ expectations of $166.70 million. During the same quarter in the prior year, the business earned $0.06 EPS. The business’s quarterly revenue was up 33.4% on a year-over-year basis. As a group, analysts expect that RingCentral Inc will post -0.09 EPS for the current fiscal year.

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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.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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