RingCentral Inc (NYSE:RNG) Shares Acquired by Neuburgh Advisers LLC

Neuburgh Advisers LLC lifted its position in shares of RingCentral Inc (NYSE:RNG) by 140.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 816 shares of the software maker’s stock after purchasing an additional 476 shares during the period. Neuburgh Advisers LLC’s holdings in RingCentral were worth $94,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Eagle Asset Management Inc. increased its position in shares of RingCentral by 0.6% during the second quarter. Eagle Asset Management Inc. now owns 686,925 shares of the software maker’s stock worth $78,941,000 after purchasing an additional 3,917 shares in the last quarter. Geode Capital Management LLC increased its position in RingCentral by 10.2% in the 4th quarter. Geode Capital Management LLC now owns 641,969 shares of the software maker’s stock valued at $52,923,000 after acquiring an additional 59,629 shares during the period. FIL Ltd acquired a new position in RingCentral in the 1st quarter valued at about $67,944,000. Charles Schwab Investment Management Inc. increased its position in RingCentral by 4.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 431,461 shares of the software maker’s stock valued at $49,584,000 after acquiring an additional 19,191 shares during the period. Finally, Raymond James & Associates increased its position in RingCentral by 16.0% in the 1st quarter. Raymond James & Associates now owns 351,776 shares of the software maker’s stock valued at $37,921,000 after acquiring an additional 48,418 shares during the period. Institutional investors and hedge funds own 83.44% of the company’s stock.

Shares of NYSE:RNG traded down $0.95 during trading on Friday, hitting $126.41. 14,397 shares of the stock were exchanged, compared to its average volume of 655,244. The company has a fifty day moving average price of $137.21 and a two-hundred day moving average price of $119.71. The company has a market cap of $10.29 billion, a PE ratio of -3,145.00 and a beta of 0.87. The company has a current ratio of 2.99, a quick 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.

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

In related news, insider Praful Shah sold 5,016 shares of RingCentral stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $115.33, for a total transaction of $578,495.28. Following the completion of the transaction, the insider now directly owns 257,763 shares in the company, valued at approximately $29,727,806.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO David Sipes sold 1,500 shares of RingCentral stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $124.00, for a total value of $186,000.00. Following the transaction, the chief operating officer now owns 258,911 shares of the company’s stock, valued at $32,104,964. The disclosure for this sale can be found here. Insiders have sold a total of 408,986 shares of company stock worth $55,074,381 in the last three months. Corporate insiders own 11.03% of the company’s stock.

RNG has been the topic of several recent research reports. Needham & Company LLC restated a “buy” rating and issued a $150.00 price target (up previously from $140.00) on shares of RingCentral in a research report on Tuesday, July 30th. Craig Hallum boosted their price target on RingCentral from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Bank of America boosted their price target on RingCentral from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. SunTrust Banks lifted their price objective on RingCentral to $163.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, Raymond James lifted their price objective on RingCentral from $140.00 to $175.00 and gave the company a “strong-buy” rating in a report on Tuesday, July 30th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. RingCentral presently has a consensus rating of “Buy” and an average price target of $135.94.

RingCentral Company 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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