RingCentral Inc (NYSE:RNG) Position Trimmed by Neuberger Berman Group LLC

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Neuberger Berman Group LLC decreased its holdings in shares of RingCentral Inc (NYSE:RNG) by 8.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 318,500 shares of the software maker’s stock after selling 28,000 shares during the quarter. Neuberger Berman Group LLC’s holdings in RingCentral were worth $34,334,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc grew its holdings in RingCentral by 1.1% in the 3rd quarter. Vanguard Group Inc now owns 6,751,585 shares of the software maker’s stock worth $628,235,000 after acquiring an additional 71,110 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of RingCentral in the 4th quarter worth about $1,830,000. Breakline Capital LLC purchased a new stake in shares of RingCentral in the 4th quarter worth about $1,033,000. Canada Pension Plan Investment Board purchased a new stake in shares of RingCentral in the 4th quarter worth about $18,135,000. Finally, Stanley Laman Group Ltd. purchased a new stake in shares of RingCentral in the 4th quarter worth about $280,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

In related news, CAO John H. Marlow sold 27,000 shares of RingCentral stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $106.04, for a total transaction of $2,863,080.00. Following the completion of the transaction, the chief accounting officer now directly owns 111,627 shares of the company’s stock, valued at approximately $11,836,927.08. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 50,700 shares of RingCentral stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $118.13, for a total transaction of $5,989,191.00. Following the transaction, the chief executive officer now directly owns 282,297 shares of the company’s stock, valued at $33,347,744.61. The disclosure for this sale can be found here. Over the last three months, insiders have sold 310,903 shares of company stock valued at $35,746,810. 11.03% of the stock is currently owned by corporate insiders.

RNG has been the subject of several research analyst reports. Bank of America raised their target price on shares of RingCentral from $117.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. SunTrust Banks raised their target price on shares of RingCentral to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $105.00 target price on shares of RingCentral in a research report on Monday, March 25th. Craig Hallum raised their target price on shares of RingCentral from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Finally, Zacks Investment Research cut shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Four 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 company. The stock presently has an average rating of “Buy” and an average target price of $120.72.

Shares of NYSE RNG opened at $118.16 on Friday. RingCentral Inc has a 1 year low of $64.41 and a 1 year high of $127.00. The stock has a market cap of $9.65 billion, a P/E ratio of -2,954.00 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 issued its quarterly earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.16). RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.73%. The business had revenue of $201.50 million for the quarter, compared to analysts’ expectations of $193.54 million. During the same period last year, the business earned $0.16 earnings per share. The company’s revenue was up 34.1% on a year-over-year basis. As a group, research analysts forecast that RingCentral Inc will post -0.43 earnings per share for the current fiscal 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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