Telemark Asset Management LLC Cuts Stock Position in RingCentral, Inc. (NYSE:RNG)

Telemark Asset Management LLC decreased its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 28.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,000 shares of the software maker’s stock after selling 10,000 shares during the period. Telemark Asset Management LLC’s holdings in RingCentral were worth $7,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Safeguard Investment Advisory Group LLC purchased a new stake in RingCentral during the 4th quarter worth approximately $35,000. DB Wealth Management Group LLC acquired a new position in RingCentral in the 4th quarter valued at $43,000. Whittier Trust Co. lifted its holdings in RingCentral by 86.2% in the 1st quarter. Whittier Trust Co. now owns 121 shares of the software maker’s stock valued at $36,000 after purchasing an additional 56 shares in the last quarter. Regent Peak Wealth Advisors LLC acquired a new stake in RingCentral during the 4th quarter worth $47,000. Finally, Penserra Capital Management LLC boosted its stake in RingCentral by 18.4% during the 4th quarter. Penserra Capital Management LLC now owns 161 shares of the software maker’s stock worth $61,000 after purchasing an additional 25 shares during the last quarter. 84.75% of the stock is currently owned by hedge funds and other institutional investors.

RNG traded up $3.50 during mid-day trading on Friday, hitting $271.50. 23,794 shares of the stock were exchanged, compared to its average volume of 1,024,934. The firm’s fifty day moving average price is $283.89. RingCentral, Inc. has a 1-year low of $229.00 and a 1-year high of $449.00. The company has a market cap of $24.67 billion, a P/E ratio of -1,085.08 and a beta of 0.68. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 6.22.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, May 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.02. RingCentral had a negative net margin of 1.77% and a negative return on equity of 27.38%. The business had revenue of $352.36 million for the quarter, compared to analysts’ expectations of $339.43 million. During the same quarter in the prior year, the company earned $0.19 earnings per share. The business’s quarterly revenue was up 31.7% on a year-over-year basis. Sell-side analysts anticipate that RingCentral, Inc. will post -2.15 EPS for the current year.

In related news, CEO Vladimir Shmunis sold 17,760 shares of the business’s stock in a transaction on Thursday, May 20th. The stock was sold at an average price of $256.91, for a total transaction of $4,562,721.60. Following the completion of the transaction, the chief executive officer now directly owns 218,631 shares of the company’s stock, valued at approximately $56,168,490.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Vaibhav Agarwal sold 435 shares of the company’s stock in a transaction dated Monday, March 22nd. The stock was sold at an average price of $317.19, for a total value of $137,977.65. Following the sale, the chief accounting officer now owns 13,486 shares in the company, valued at approximately $4,277,624.34. The disclosure for this sale can be found here. Insiders sold a total of 42,556 shares of company stock valued at $11,764,839 in the last three months. 7.35% of the stock is currently owned by corporate insiders.

A number of analysts have commented on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of RingCentral from $410.00 to $450.00 and gave the company a “buy” rating in a report on Wednesday, February 17th. UBS Group initiated coverage on RingCentral in a research note on Thursday, May 27th. They set a “neutral” rating and a $275.00 price objective on the stock. Wells Fargo & Company raised their target price on RingCentral from $470.00 to $475.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 17th. Craig Hallum lowered their price target on shares of RingCentral from $530.00 to $410.00 and set a “buy” rating on the stock in a research report on Tuesday, March 16th. Finally, Raymond James cut their price objective on shares of RingCentral from $515.00 to $410.00 and set a “strong-buy” rating for the company in a research report on Wednesday, May 5th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $428.43.

RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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