Advisory Services Network LLC Decreases Stock Position in RingCentral, Inc. (NYSE:RNG)

Advisory Services Network LLC cut its holdings in RingCentral, Inc. (NYSE:RNG) by 28.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 953 shares of the software maker’s stock after selling 378 shares during the quarter. Advisory Services Network LLC’s holdings in RingCentral were worth $207,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Daiwa Securities Group Inc. boosted its position in shares of RingCentral by 161.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 14,860 shares of the software maker’s stock worth $3,232,000 after buying an additional 9,174 shares in the last quarter. Sargent Bickham Lagudis LLC purchased a new stake in shares of RingCentral in the 3rd quarter worth about $96,000. Pendal Group Ltd boosted its position in shares of RingCentral by 1.5% in the 3rd quarter. Pendal Group Ltd now owns 4,903 shares of the software maker’s stock worth $1,066,000 after buying an additional 71 shares in the last quarter. Bbva USA raised its stake in RingCentral by 34.0% in the 3rd quarter. Bbva USA now owns 505 shares of the software maker’s stock valued at $110,000 after purchasing an additional 128 shares during the last quarter. Finally, Versor Investments LP raised its stake in RingCentral by 195.8% in the 3rd quarter. Versor Investments LP now owns 3,846 shares of the software maker’s stock valued at $837,000 after purchasing an additional 2,546 shares during the last quarter. Institutional investors and hedge funds own 84.42% of the company’s stock.

Several brokerages recently weighed in on RNG. Deutsche Bank Aktiengesellschaft cut their target price on shares of RingCentral from $400.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, December 9th. Morgan Stanley downgraded shares of RingCentral from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $390.00 to $220.00 in a research note on Thursday, December 16th. Mizuho cut their target price on shares of RingCentral from $400.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, December 9th. BTIG Research cut their target price on shares of RingCentral from $350.00 to $300.00 in a research note on Tuesday. Finally, The Goldman Sachs Group initiated coverage on shares of RingCentral in a research note on Thursday, December 16th. They issued a “buy” rating and a $240.00 target price for the company. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $361.41.

In other RingCentral news, CAO Vaibhav Agarwal sold 468 shares of the company’s stock in a transaction that occurred on Wednesday, November 10th. The stock was sold at an average price of $301.00, for a total value of $140,868.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 19th. The stock was sold at an average price of $242.84, for a total value of $2,428,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 53,212 shares of company stock valued at $12,253,506 in the last quarter. Company insiders own 7.35% of the company’s stock.

Shares of NYSE:RNG opened at $176.61 on Friday. The company has a debt-to-equity ratio of 30.54, a quick ratio of 1.46 and a current ratio of 1.46. RingCentral, Inc. has a 1 year low of $165.51 and a 1 year high of $449.00. The stock has a market capitalization of $16.28 billion, a P/E ratio of -62.19 and a beta of 0.68. The stock has a 50-day simple moving average of $206.12 and a 200-day simple moving average of $234.64.

RingCentral (NYSE:RNG) last issued its earnings results on Tuesday, November 9th. The software maker reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.59) by $0.95. RingCentral had a negative return on equity of 111.17% and a negative net margin of 17.54%. The business had revenue of $414.63 million during the quarter, compared to analysts’ expectations of $393.42 million. During the same quarter in the previous year, the business earned ($0.24) EPS. Analysts predict that RingCentral, Inc. will post -1.78 earnings per share for the current year.

RingCentral Company Profile

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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