Comerica Bank Buys New Stake in RingCentral Inc (NYSE:RNG)

Comerica Bank bought a new stake in RingCentral Inc (NYSE:RNG) in the 1st quarter, Holdings Channel reports. The institutional investor bought 2,281 shares of the software maker’s stock, valued at approximately $236,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Utah Retirement Systems grew its position in RingCentral by 0.8% in the 4th quarter. Utah Retirement Systems now owns 12,600 shares of the software maker’s stock valued at $1,039,000 after acquiring an additional 100 shares in the last quarter. Moloney Securities Asset Management LLC grew its position in RingCentral by 6.7% in the 4th quarter. Moloney Securities Asset Management LLC now owns 3,200 shares of the software maker’s stock valued at $264,000 after acquiring an additional 200 shares in the last quarter. Neuburgh Advisers LLC acquired a new position in RingCentral in the 4th quarter valued at about $25,000. Ffcm LLC acquired a new position in RingCentral in the 4th quarter valued at about $27,000. Finally, CX Institutional acquired a new position in RingCentral in the 1st quarter valued at about $36,000. 81.95% of the stock is owned by institutional investors.

Several research firms have weighed in on RNG. Raymond James lifted their target price on RingCentral from $116.00 to $140.00 and gave the company a “strong-buy” rating in a research report on Tuesday, May 7th. Zacks Investment Research downgraded RingCentral from a “buy” rating to a “hold” rating in a research report on Saturday, February 16th. UBS Group lifted their target price on RingCentral from $117.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, May 7th. Deutsche Bank lifted their target price on RingCentral from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Guggenheim began coverage on RingCentral in a research report on Monday, March 11th. They issued a “buy” rating and a $125.00 target price for the company. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. RingCentral has a consensus rating of “Buy” and an average target price of $120.72.

In related news, CFO Mitesh Dhruv sold 2,556 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $121.04, for a total transaction of $309,378.24. Following the completion of the sale, the chief financial officer now owns 171,187 shares in the company, valued at $20,720,474.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO John H. Marlow sold 27,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $106.04, for a total value of $2,863,080.00. Following the sale, the chief accounting officer now owns 111,627 shares of the company’s stock, valued at approximately $11,836,927.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 275,737 shares of company stock valued at $31,227,799. Corporate insiders own 11.03% of the company’s stock.

Shares of RingCentral stock opened at $118.75 on Wednesday. RingCentral Inc has a one year low of $64.41 and a one year high of $127.00. The stock has a market cap of $10.07 billion, a PE ratio of -2,968.75 and a beta of 0.94. The company has a debt-to-equity ratio of 1.19, a current ratio of 3.08 and a quick ratio of 3.08.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, May 6th. The software maker reported ($0.01) EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.16). RingCentral had a negative return on equity of 0.73% and a negative net margin of 4.12%. The company had revenue of $201.50 million for the quarter, compared to analyst estimates of $193.54 million. During the same period in the prior year, the firm posted $0.16 earnings per share. The business’s quarterly revenue was up 34.1% compared to the same quarter last year. On average, sell-side analysts predict that RingCentral Inc will post -0.43 earnings per share for the current year.

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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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