Mizuho Securities USA LLC bought a new position in shares of RingCentral Inc (NYSE:RNG) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 17,700 shares of the software maker’s stock, valued at approximately $1,459,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Evolution Wealth Advisors LLC acquired a new position in shares of RingCentral in the fourth quarter valued at $99,000. DekaBank Deutsche Girozentrale increased its holdings in shares of RingCentral by 75.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock valued at $130,000 after purchasing an additional 601 shares during the last quarter. Harvest Fund Management Co. Ltd increased its holdings in shares of RingCentral by 287.0% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,513 shares of the software maker’s stock valued at $141,000 after purchasing an additional 1,122 shares during the last quarter. Cerebellum GP LLC acquired a new position in shares of RingCentral in the fourth quarter valued at $152,000. Finally, Oakbrook Investments LLC acquired a new position in shares of RingCentral in the third quarter valued at $205,000. Institutional investors and hedge funds own 78.01% of the company’s stock.
In related news, CAO John H. Marlow sold 17,789 shares of the company’s stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $74.35, for a total transaction of $1,322,612.15. Following the completion of the sale, the chief accounting officer now owns 152,546 shares of the company’s stock, valued at $11,341,795.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 39,032 shares of the company’s stock in a transaction dated Thursday, January 10th. The stock was sold at an average price of $87.57, for a total transaction of $3,418,032.24. Following the sale, the chief executive officer now directly owns 276,760 shares of the company’s stock, valued at approximately $24,235,873.20. The disclosure for this sale can be found here. Insiders sold 243,484 shares of company stock worth $19,716,779 over the last 90 days. 11.99% of the stock is currently owned by corporate insiders.
RNG stock opened at $100.90 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 4.07 and a current ratio of 4.07. RingCentral Inc has a 52 week low of $49.55 and a 52 week high of $101.07. The stock has a market capitalization of $8.11 billion, a P/E ratio of -288.29 and a beta of 0.99.
Several equities analysts have commented on RNG shares. Zacks Investment Research downgraded shares of RingCentral from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of RingCentral in a report on Wednesday, November 7th. TheStreet upgraded shares of RingCentral from a “d+” rating to a “c” rating in a report on Thursday, January 24th. Finally, Stephens initiated coverage on shares of RingCentral in a research note on Thursday, January 3rd. They issued an “equal weight” rating on the stock. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. RingCentral currently has a consensus rating of “Buy” and an average target price of $94.27.
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.
Recommended Story: Bollinger Bands
Want to see what other hedge funds are holding RNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RingCentral Inc (NYSE:RNG).
Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.