Qube Research & Technologies Ltd Purchases Shares of 124,159 RingCentral, Inc. (NYSE:RNG)

Qube Research & Technologies Ltd purchased a new stake in shares of RingCentral, Inc. (NYSE:RNGGet Rating) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 124,159 shares of the software maker’s stock, valued at approximately $14,553,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Camden Capital LLC boosted its stake in RingCentral by 48.9% during the 1st quarter. Camden Capital LLC now owns 1,954 shares of the software maker’s stock valued at $229,000 after purchasing an additional 642 shares during the last quarter. Koss Olinger Consulting LLC boosted its stake in RingCentral by 257.2% during the 1st quarter. Koss Olinger Consulting LLC now owns 6,279 shares of the software maker’s stock valued at $736,000 after purchasing an additional 4,521 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of RingCentral by 93.1% in the 1st quarter. CIBC Asset Management Inc now owns 7,157 shares of the software maker’s stock worth $839,000 after buying an additional 3,450 shares during the last quarter. IFM Investors Pty Ltd boosted its stake in shares of RingCentral by 17.0% in the 1st quarter. IFM Investors Pty Ltd now owns 11,697 shares of the software maker’s stock worth $1,371,000 after buying an additional 1,697 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of RingCentral by 30.1% in the 1st quarter. Russell Investments Group Ltd. now owns 447,067 shares of the software maker’s stock worth $52,401,000 after buying an additional 103,557 shares during the last quarter. Institutional investors and hedge funds own 85.96% of the company’s stock.

RingCentral Stock Down 2.6 %

Shares of NYSE:RNG opened at $47.75 on Friday. RingCentral, Inc. has a 52-week low of $47.28 and a 52-week high of $315.00. The firm has a fifty day moving average of $55.05 and a 200 day moving average of $95.31. The firm has a market capitalization of $4.40 billion, a PE ratio of -7.76 and a beta of 0.94. The company has a debt-to-equity ratio of 33.52, a quick ratio of 1.25 and a current ratio of 1.25.

RingCentral (NYSE:RNGGet Rating) last announced its earnings results on Monday, May 9th. The software maker reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.09). RingCentral had a negative return on equity of 160.19% and a negative net margin of 31.67%. The company had revenue of $467.66 million during the quarter, compared to analysts’ expectations of $458.36 million. During the same quarter last year, the firm posted ($0.41) earnings per share. The firm’s revenue was up 32.7% on a year-over-year basis. As a group, research analysts anticipate that RingCentral, Inc. will post -1.66 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. BTIG Research cut their target price on RingCentral from $120.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday. Barclays cut their target price on RingCentral from $140.00 to $90.00 and set an “overweight” rating on the stock in a research note on Monday, July 25th. Jefferies Financial Group cut their target price on RingCentral from $100.00 to $80.00 in a research note on Monday, May 23rd. Raymond James cut their target price on RingCentral from $135.00 to $90.00 and set a “strong-buy” rating on the stock in a research note on Wednesday. Finally, Morgan Stanley lowered their price target on shares of RingCentral from $105.00 to $75.00 and set an “equal weight” rating on the stock in a report on Thursday, July 14th. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral has a consensus rating of “Moderate Buy” and an average price target of $140.73.

Insider Buying and Selling at RingCentral

In other RingCentral news, CEO Vladimir Shmunis purchased 20,000 shares of the business’s stock in a transaction on Tuesday, May 24th. The stock was acquired at an average cost of $59.52 per share, for a total transaction of $1,190,400.00. Following the completion of the transaction, the chief executive officer now directly owns 289,379 shares in the company, valued at approximately $17,223,838.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Vladimir Shmunis bought 20,000 shares of the company’s stock in a transaction dated Tuesday, May 24th. The stock was bought at an average cost of $59.52 per share, for a total transaction of $1,190,400.00. Following the completion of the acquisition, the chief executive officer now owns 289,379 shares in the company, valued at approximately $17,223,838.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Mohammed Katibeh sold 1,846 shares of the stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total transaction of $124,789.60. Following the sale, the chief operating officer now owns 110,098 shares of the company’s stock, valued at $7,442,624.80. The disclosure for this sale can be found here. Insiders sold a total of 44,029 shares of company stock worth $2,841,132 over the last three months. Company insiders own 7.35% of the company’s stock.

About RingCentral

(Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

Further Reading

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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