Point72 Asset Management L.P. reduced its holdings in RingCentral, Inc. (NYSE:RNG) by 51.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 118,541 shares of the software maker’s stock after selling 126,998 shares during the quarter. Point72 Asset Management L.P.’s holdings in RingCentral were worth $35,311,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the stock. Penserra Capital Management LLC increased its stake in RingCentral by 18.4% in the fourth quarter. Penserra Capital Management LLC now owns 161 shares of the software maker’s stock valued at $61,000 after purchasing an additional 25 shares during the last quarter. Captrust Financial Advisors grew its position in RingCentral by 1.7% during the fourth quarter. Captrust Financial Advisors now owns 1,808 shares of the software maker’s stock valued at $685,000 after acquiring an additional 31 shares during the period. Main Street Financial Solutions LLC grew its position in RingCentral by 3.4% during the first quarter. Main Street Financial Solutions LLC now owns 1,383 shares of the software maker’s stock valued at $412,000 after acquiring an additional 45 shares during the period. Berman Capital Advisors LLC grew its position in RingCentral by 21.8% during the fourth quarter. Berman Capital Advisors LLC now owns 274 shares of the software maker’s stock valued at $102,000 after acquiring an additional 49 shares during the period. Finally, Castle Rock Wealth Management LLC grew its position in RingCentral by 6.3% during the first quarter. Castle Rock Wealth Management LLC now owns 850 shares of the software maker’s stock valued at $279,000 after acquiring an additional 50 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.
In other RingCentral news, insider Praful Shah sold 157 shares of the company’s stock in a transaction that occurred on Friday, June 11th. The stock was sold at an average price of $266.63, for a total transaction of $41,860.91. Following the sale, the insider now owns 198,578 shares in the company, valued at $52,946,852.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO John H. Marlow sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, May 11th. The shares were sold at an average price of $266.92, for a total value of $427,072.00. Following the sale, the chief accounting officer now owns 215,493 shares in the company, valued at approximately $57,519,391.56. The disclosure for this sale can be found here. Insiders sold 35,683 shares of company stock valued at $9,262,038 in the last three months. 7.35% of the stock is currently owned by company insiders.
Shares of RNG opened at $268.74 on Thursday. The stock has a market capitalization of $24.42 billion, a P/E ratio of -1,071.00 and a beta of 0.70. RingCentral, Inc. has a one year low of $229.00 and a one year high of $449.00. The company has a debt-to-equity ratio of 6.22, a current ratio of 1.67 and a quick ratio of 1.67. The company has a 50-day simple moving average of $271.60.
RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, May 4th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.02. The firm had revenue of $352.36 million during the quarter, compared to the consensus estimate of $339.43 million. RingCentral had a negative return on equity of 27.38% and a negative net margin of 1.77%. RingCentral’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.19 earnings per share. Sell-side analysts anticipate that RingCentral, Inc. will post -2.13 earnings per share for the current year.
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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