Tributary Capital Management LLC lifted its position in shares of RingCentral Inc (NYSE:RNG) by 29.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,700 shares of the software maker’s stock after purchasing an additional 2,000 shares during the period. Tributary Capital Management LLC’s holdings in RingCentral were worth $1,467,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nuveen Asset Management LLC purchased a new position in shares of RingCentral during the second quarter worth about $94,704,000. Millennium Management LLC boosted its holdings in RingCentral by 169.0% in the 3rd quarter. Millennium Management LLC now owns 325,189 shares of the software maker’s stock valued at $40,863,000 after purchasing an additional 796,389 shares in the last quarter. Pictet Asset Management Ltd. purchased a new stake in RingCentral in the 2nd quarter valued at approximately $26,135,000. Point72 Asset Management L.P. purchased a new stake in RingCentral in the 2nd quarter valued at approximately $18,222,000. Finally, Vanguard Group Inc. boosted its holdings in RingCentral by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 6,439,805 shares of the software maker’s stock valued at $740,062,000 after purchasing an additional 157,358 shares in the last quarter. Institutional investors and hedge funds own 83.01% of the company’s stock.
RNG stock opened at $190.83 on Friday. The firm has a 50 day moving average of $171.21 and a 200-day moving average of $150.56. RingCentral Inc has a 12-month low of $86.23 and a 12-month high of $192.60. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.12. The company has a market cap of $15.59 billion, a price-to-earnings ratio of -4,770.75 and a beta of 0.90.
RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, November 4th. The software maker reported $0.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.03. RingCentral had a negative net margin of 4.06% and a negative return on equity of 1.61%. The company had revenue of $233.35 million during the quarter, compared to the consensus estimate of $221.37 million. During the same period last year, the firm earned $0.19 EPS. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. Sell-side analysts forecast that RingCentral Inc will post -0.09 earnings per share for the current fiscal year.
In related news, COO David Sipes sold 14,613 shares of RingCentral stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $169.68, for a total transaction of $2,479,533.84. Following the completion of the transaction, the chief operating officer now directly owns 228,717 shares in the company, valued at approximately $38,808,700.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Vaibhav Agarwal sold 545 shares of RingCentral stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $151.70, for a total value of $82,676.50. Following the transaction, the chief accounting officer now owns 21,899 shares of the company’s stock, valued at $3,322,078.30. The disclosure for this sale can be found here. Insiders have sold a total of 218,266 shares of company stock valued at $36,801,373 over the last 90 days. Insiders own 11.03% of the company’s stock.
RNG has been the topic of a number of analyst reports. Oppenheimer lifted their price objective on RingCentral from $155.00 to $200.00 in a report on Tuesday, November 5th. Bank of America reaffirmed an “average” rating and issued a $198.00 price objective (up previously from $187.00) on shares of RingCentral in a report on Monday, December 9th. Piper Jaffray Companies initiated coverage on RingCentral in a report on Tuesday, December 10th. They issued an “overweight” rating and a $194.00 price objective on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $160.00 price objective on shares of RingCentral in a report on Friday, October 4th. Finally, Raymond James lifted their price objective on RingCentral from $175.00 to $190.00 and gave the company a “strong-buy” rating in a report on Tuesday, November 5th. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. RingCentral has an average rating of “Buy” and a consensus price target of $164.44.
RingCentral Company Profile
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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