Next Century Growth Investors LLC Decreases Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Next Century Growth Investors LLC lowered its holdings in RingCentral, Inc. (NYSE:RNG) by 3.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,355 shares of the software maker’s stock after selling 249 shares during the period. Next Century Growth Investors LLC’s holdings in RingCentral were worth $1,846,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in shares of RingCentral by 704.9% in the 1st quarter. Principal Financial Group Inc. now owns 89,720 shares of the software maker’s stock worth $26,727,000 after buying an additional 78,573 shares during the last quarter. Millennium Management LLC lifted its position in shares of RingCentral by 348.7% during the 1st quarter. Millennium Management LLC now owns 232,465 shares of the software maker’s stock valued at $69,247,000 after buying an additional 180,660 shares during the last quarter. National Pension Service lifted its holdings in RingCentral by 3.0% during the first quarter. National Pension Service now owns 107,829 shares of the software maker’s stock valued at $32,120,000 after purchasing an additional 3,169 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its stake in shares of RingCentral by 79.0% in the first quarter. Nomura Asset Management Co. Ltd. now owns 23,603 shares of the software maker’s stock worth $7,031,000 after purchasing an additional 10,415 shares in the last quarter. Finally, UBS Asset Management Americas Inc. lifted its stake in shares of RingCentral by 2.6% during the 1st quarter. UBS Asset Management Americas Inc. now owns 272,088 shares of the software maker’s stock valued at $81,050,000 after buying an additional 6,865 shares in the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have weighed in on RNG shares. Colliers Securities reaffirmed a “buy” rating and issued a $470.00 price target on shares of RingCentral in a report on Wednesday, September 1st. Wells Fargo & Company dropped their price objective on shares of RingCentral from $425.00 to $375.00 and set an “overweight” rating for the company in a report on Monday. Piper Sandler lowered their price target on RingCentral from $401.00 to $342.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 4th. They noted that the move was a valuation call. UBS Group upped their price objective on RingCentral from $275.00 to $300.00 and gave the stock a “neutral” rating in a report on Wednesday, August 4th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of RingCentral from $450.00 to $400.00 and set a “buy” rating on the stock in a research note on Wednesday, August 4th. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $418.85.

In other RingCentral news, CEO Vladimir Shmunis sold 29,652 shares of the company’s stock in a transaction dated Tuesday, September 14th. The shares were sold at an average price of $218.58, for a total value of $6,481,334.16. Following the transaction, the chief executive officer now directly owns 172,382 shares in the company, valued at approximately $37,679,257.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO John H. Marlow sold 19,500 shares of the business’s stock in a transaction on Tuesday, August 10th. The stock was sold at an average price of $258.06, for a total value of $5,032,170.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,755 shares of company stock worth $23,651,332. Insiders own 7.35% of the company’s stock.

RNG stock traded up $4.88 during mid-day trading on Thursday, hitting $241.84. The company had a trading volume of 2,646 shares, compared to its average volume of 1,055,722. The company has a market capitalization of $22.13 billion, a price-to-earnings ratio of -162.29 and a beta of 0.64. RingCentral, Inc. has a 12-month low of $207.53 and a 12-month high of $449.00. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 14.81. The company has a 50-day moving average price of $236.93 and a 200 day moving average price of $267.00.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, August 3rd. The software maker reported $0.32 EPS for the quarter, topping the consensus estimate of ($0.57) by $0.89. RingCentral had a negative net margin of 9.78% and a negative return on equity of 59.27%. The business had revenue of $379.27 million for the quarter, compared to analysts’ expectations of $358.97 million. As a group, analysts expect that RingCentral, Inc. will post -1.9 EPS for the current year.

About RingCentral

RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones; and allow for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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