RingCentral Inc (NYSE:RNG) Stock Holdings Lifted by Swiss National Bank

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Swiss National Bank raised its stake in RingCentral Inc (NYSE:RNG) by 4.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 130,700 shares of the software maker’s stock after acquiring an additional 5,700 shares during the period. Swiss National Bank’s holdings in RingCentral were worth $15,020,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of RNG. Penserra Capital Management LLC bought a new position in shares of RingCentral in the first quarter valued at $36,000. Signaturefd LLC raised its stake in RingCentral by 31.4% during the 1st quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock valued at $39,000 after purchasing an additional 87 shares during the period. Baldwin Brothers Inc. MA raised its stake in RingCentral by 90.0% during the 2nd quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock valued at $44,000 after purchasing an additional 180 shares during the period. Weaver Consulting Group acquired a new stake in RingCentral during the 1st quarter valued at $66,000. Finally, Parallel Advisors LLC raised its stake in RingCentral by 416.7% during the 1st quarter. Parallel Advisors LLC now owns 620 shares of the software maker’s stock valued at $67,000 after purchasing an additional 500 shares during the period. 80.69% of the stock is currently owned by institutional investors.

RingCentral stock opened at $141.50 on Friday. The company’s fifty day simple moving average is $130.92 and its 200-day simple moving average is $116.26. The company has a quick ratio of 2.99, a current ratio of 2.99 and a debt-to-equity ratio of 1.13. RingCentral Inc has a 12 month low of $64.41 and a 12 month high of $146.38. The stock has a market cap of $11.61 billion, a P/E ratio of -3,537.50 and a beta of 0.79.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, July 29th. The software maker reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.13. RingCentral had a negative net margin of 3.95% and a negative return on equity of 1.13%. The business had revenue of $215.20 million for the quarter, compared to analysts’ expectations of $204.70 million. During the same period in the previous year, the company posted $0.19 EPS. RingCentral’s revenue was up 33.8% on a year-over-year basis. On average, equities research analysts expect that RingCentral Inc will post -0.13 earnings per share for the current fiscal year.

In other news, CEO Vladimir Shmunis sold 113,687 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $139.45, for a total transaction of $15,853,652.15. Following the transaction, the chief executive officer now directly owns 292,020 shares in the company, valued at approximately $40,722,189. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Praful Shah sold 5,456 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $121.09, for a total transaction of $660,667.04. Following the transaction, the insider now owns 269,657 shares in the company, valued at $32,652,766.13. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 453,591 shares of company stock worth $58,451,443. 11.03% of the stock is currently owned by corporate insiders.

Several analysts have issued reports on the stock. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $129.00 target price on the stock in a research note on Thursday, July 4th. Needham & Company LLC reissued a “buy” rating and set a $150.00 target price (up from $140.00) on shares of RingCentral in a research note on Tuesday, July 30th. Jefferies Financial Group boosted their target price on shares of RingCentral from $140.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Stephens reissued a “hold” rating and set a $95.00 target price on shares of RingCentral in a research note on Monday, May 6th. Finally, SunTrust Banks boosted their target price on shares of RingCentral to $163.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. RingCentral has a consensus rating of “Buy” and a consensus target price of $135.94.

About RingCentral

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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