Spark Investment Management LLC Boosts Stake in RingCentral Inc (RNG)

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Spark Investment Management LLC grew its position in RingCentral Inc (NYSE:RNG) by 44.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 182,140 shares of the software maker’s stock after purchasing an additional 55,740 shares during the quarter. RingCentral comprises approximately 0.9% of Spark Investment Management LLC’s investment portfolio, making the stock its 22nd biggest position. Spark Investment Management LLC’s holdings in RingCentral were worth $19,634,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of RNG. FMR LLC grew its position in shares of RingCentral by 14.2% in the fourth quarter. FMR LLC now owns 7,227,409 shares of the software maker’s stock valued at $595,828,000 after purchasing an additional 898,876 shares during the last quarter. Norges Bank acquired a new position in shares of RingCentral in the fourth quarter valued at approximately $53,247,000. Eagle Asset Management Inc. grew its position in RingCentral by 294.0% during the first quarter. Eagle Asset Management Inc. now owns 683,008 shares of the software maker’s stock worth $73,628,000 after buying an additional 509,661 shares in the last quarter. Victory Capital Management Inc. grew its position in RingCentral by 35.7% during the first quarter. Victory Capital Management Inc. now owns 1,929,832 shares of the software maker’s stock worth $208,036,000 after buying an additional 507,225 shares in the last quarter. Finally, Macquarie Group Ltd. grew its position in RingCentral by 289.7% during the fourth quarter. Macquarie Group Ltd. now owns 662,781 shares of the software maker’s stock worth $54,640,000 after buying an additional 492,686 shares in the last quarter. 83.13% of the stock is currently owned by institutional investors.

In other news, CAO John H. Marlow sold 32,774 shares of the stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $105.38, for a total value of $3,453,724.12. Following the completion of the transaction, the chief accounting officer now directly owns 121,245 shares in the company, valued at approximately $12,776,798.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 134,269 shares of the stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $104.05, for a total value of $13,970,689.45. Following the completion of the transaction, the chief executive officer now owns 329,193 shares of the company’s stock, valued at $34,252,531.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 511,774 shares of company stock worth $53,431,135. Company insiders own 11.03% of the company’s stock.

A number of brokerages recently issued reports on RNG. Stephens reissued a “hold” rating and set a $95.00 price target on shares of RingCentral in a research report on Monday, May 6th. Jefferies Financial Group increased their price target on RingCentral from $121.00 to $140.00 in a research report on Tuesday, May 7th. SunTrust Banks increased their price target on RingCentral to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Deutsche Bank increased their price target on RingCentral from $125.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Finally, Craig Hallum increased their price target on RingCentral from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $120.72.

Shares of RNG stock traded down $0.22 during trading hours on Friday, reaching $124.37. The company’s stock had a trading volume of 1,268 shares, compared to its average volume of 915,026. The company has a market cap of $10.12 billion, a PE ratio of -3,115.50 and a beta of 0.95. RingCentral Inc has a fifty-two week low of $64.41 and a fifty-two week high of $125.12. The company has a debt-to-equity ratio of 1.19, a quick ratio of 3.55 and a current ratio of 3.08.

RingCentral (NYSE:RNG) last issued its earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.16). The business had revenue of $201.50 million during the quarter, compared to analyst estimates of $193.54 million. RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.73%. The company’s revenue for the quarter was up 34.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.16 EPS. On average, equities analysts predict that RingCentral Inc will post -0.43 EPS for the current fiscal year.

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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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