Shell Asset Management Co. Sells 1,202 Shares of RingCentral Inc (NYSE:RNG)

Shell Asset Management Co. lowered its stake in shares of RingCentral Inc (NYSE:RNG) by 2.9% during the first quarter, Holdings Channel reports. The fund owned 40,968 shares of the software maker’s stock after selling 1,202 shares during the period. Shell Asset Management Co.’s holdings in RingCentral were worth $8,682,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Capital World Investors grew its holdings in RingCentral by 1.5% during the 4th quarter. Capital World Investors now owns 10,191,371 shares of the software maker’s stock worth $1,718,979,000 after acquiring an additional 151,441 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of RingCentral by 277.0% in the 1st quarter. Jennison Associates LLC now owns 2,618,422 shares of the software maker’s stock valued at $554,870,000 after purchasing an additional 1,923,806 shares during the last quarter. FIL Ltd boosted its stake in shares of RingCentral by 38.0% in the 4th quarter. FIL Ltd now owns 1,543,715 shares of the software maker’s stock valued at $260,378,000 after purchasing an additional 425,459 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of RingCentral by 15.9% in the 1st quarter. Victory Capital Management Inc. now owns 1,518,341 shares of the software maker’s stock valued at $321,751,000 after purchasing an additional 207,874 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in shares of RingCentral by 11.4% in the 4th quarter. 1832 Asset Management L.P. now owns 955,200 shares of the software maker’s stock valued at $158,128,000 after purchasing an additional 97,900 shares during the last quarter. 88.95% of the stock is currently owned by hedge funds and other institutional investors.

RNG stock traded down $3.81 during mid-day trading on Friday, hitting $261.53. 613,851 shares of the company were exchanged, compared to its average volume of 1,245,633. The company has a debt-to-equity ratio of 2.18, a quick ratio of 3.16 and a current ratio of 3.16. The firm has a market cap of $22.78 billion, a P/E ratio of -207.56 and a beta of 0.59. The firm’s 50 day simple moving average is $239.46 and its 200 day simple moving average is $202.72. RingCentral Inc has a 1-year low of $110.34 and a 1-year high of $292.48.

RingCentral (NYSE:RNG) last announced its earnings results on Wednesday, May 6th. The software maker reported $0.19 EPS for the quarter, topping the consensus estimate of $0.18 by $0.01. The firm had revenue of $267.51 million for the quarter, compared to the consensus estimate of $248.83 million. RingCentral had a negative net margin of 11.14% and a negative return on equity of 6.09%. The business’s quarterly revenue was up 32.8% on a year-over-year basis. During the same period last year, the company posted $0.17 EPS. On average, equities research analysts predict that RingCentral Inc will post -0.65 EPS for the current fiscal year.

In other news, CEO Vladimir Shmunis sold 25,000 shares of RingCentral stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $232.12, for a total value of $5,803,000.00. Following the sale, the chief executive officer now directly owns 179,197 shares in the company, valued at $41,595,207.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Vaibhav Agarwal sold 545 shares of RingCentral stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $233.56, for a total transaction of $127,290.20. Following the completion of the sale, the chief accounting officer now owns 18,327 shares in the company, valued at $4,280,454.12. The disclosure for this sale can be found here. Insiders sold 150,860 shares of company stock worth $35,843,136 over the last quarter. 11.03% of the stock is owned by corporate insiders.

RNG has been the topic of several recent research reports. Guggenheim raised their target price on shares of RingCentral from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Raymond James raised their target price on shares of RingCentral from $250.00 to $290.00 and gave the company a “strong-buy” rating in a research note on Thursday, May 7th. Morgan Stanley raised their target price on shares of RingCentral from $190.00 to $235.00 and gave the company an “equal weight” rating in a research note on Thursday, April 23rd. Oppenheimer raised their target price on shares of RingCentral from $203.00 to $270.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Finally, Jefferies Financial Group lifted their price objective on shares of RingCentral from $245.00 to $290.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. RingCentral currently has a consensus rating of “Buy” and a consensus target price of $255.71.

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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