Renaissance Technologies LLC Grows Stake in RingCentral Inc (RNG)

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Renaissance Technologies LLC grew its position in RingCentral Inc (NYSE:RNG) by 3.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,944,403 shares of the software maker’s stock after buying an additional 63,903 shares during the period. Renaissance Technologies LLC’s holdings in RingCentral were worth $136,789,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RNG. SG Americas Securities LLC grew its stake in shares of RingCentral by 37.9% during the first quarter. SG Americas Securities LLC now owns 11,094 shares of the software maker’s stock worth $704,000 after purchasing an additional 3,050 shares during the period. Mackay Shields LLC acquired a new stake in shares of RingCentral during the first quarter worth $1,410,000. Prudential Financial Inc. grew its stake in shares of RingCentral by 224.4% during the first quarter. Prudential Financial Inc. now owns 28,710 shares of the software maker’s stock worth $1,823,000 after purchasing an additional 19,860 shares during the period. State Board of Administration of Florida Retirement System grew its stake in shares of RingCentral by 3.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 33,814 shares of the software maker’s stock worth $2,147,000 after purchasing an additional 1,008 shares during the period. Finally, Swiss National Bank grew its stake in shares of RingCentral by 3.9% during the first quarter. Swiss National Bank now owns 101,700 shares of the software maker’s stock worth $6,458,000 after purchasing an additional 3,800 shares during the period. 77.29% of the stock is owned by institutional investors.

A number of equities research analysts recently commented on RNG shares. Jefferies Financial Group reaffirmed a “buy” rating and set a $97.00 price objective on shares of RingCentral in a research note on Tuesday, August 7th. Craig Hallum lifted their price objective on RingCentral from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, May 10th. SunTrust Banks lifted their price objective on RingCentral to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, August 7th. JPMorgan Chase & Co. lifted their price objective on RingCentral to $76.00 and gave the stock a “neutral” rating in a research note on Thursday, May 10th. They noted that the move was a valuation call. Finally, Bank of America lifted their price objective on RingCentral from $86.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, August 7th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. RingCentral currently has a consensus rating of “Buy” and an average target price of $87.08.

In other news, CFO Mitesh Dhruv sold 3,436 shares of the business’s stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $93.11, for a total value of $319,925.96. Following the sale, the chief financial officer now directly owns 162,744 shares in the company, valued at $15,153,093.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Praful Shah sold 3,109 shares of the business’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $93.62, for a total value of $291,064.58. Following the completion of the sale, the insider now owns 308,204 shares in the company, valued at $28,854,058.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 151,227 shares of company stock valued at $13,039,250. Insiders own 11.99% of the company’s stock.

NYSE:RNG opened at $93.35 on Friday. RingCentral Inc has a 1 year low of $38.45 and a 1 year high of $95.60. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $7.37 billion, a price-to-earnings ratio of -266.71 and a beta of 0.81.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, August 6th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.04. RingCentral had a negative return on equity of 5.93% and a negative net margin of 3.92%. The firm had revenue of $160.83 million during the quarter, compared to analysts’ expectations of $155.71 million. During the same period in the previous year, the firm earned $0.04 earnings per share. The company’s revenue was up 34.1% on a year-over-year basis. equities research analysts anticipate that RingCentral Inc will post -0.14 earnings per share for the current year.

RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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