Granite Point Capital Management L.P. cut its stake in RingCentral Inc (NYSE:RNG) by 15.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 12,325 shares of the software maker’s stock after selling 2,200 shares during the period. Granite Point Capital Management L.P.’s holdings in RingCentral were worth $597,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of RNG. Ameritas Investment Partners Inc. increased its holdings in shares of RingCentral by 8.3% during the second quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after purchasing an additional 418 shares during the period. Swiss National Bank increased its holdings in shares of RingCentral by 1.8% during the third quarter. Swiss National Bank now owns 93,800 shares of the software maker’s stock valued at $3,916,000 after purchasing an additional 1,700 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of RingCentral by 108.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock valued at $161,000 after purchasing an additional 1,735 shares during the period. Jane Street Group LLC increased its holdings in shares of RingCentral by 21.1% during the third quarter. Jane Street Group LLC now owns 10,823 shares of the software maker’s stock valued at $452,000 after purchasing an additional 1,886 shares during the period. Finally, Crow Point Partners LLC acquired a new position in shares of RingCentral during the fourth quarter valued at $116,000. 75.37% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Inc (NYSE RNG) opened at $57.15 on Wednesday. The stock has a market capitalization of $4,126.68, a PE ratio of -168.08 and a beta of 0.87. RingCentral Inc has a fifty-two week low of $22.55 and a fifty-two week high of $58.70.

RingCentral (NYSE:RNG) last released its earnings results on Monday, February 12th. The software maker reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The firm had revenue of $140.50 million for the quarter, compared to analyst estimates of $136.34 million. RingCentral had a negative return on equity of 17.15% and a negative net margin of 5.21%. RingCentral’s revenue was up 34.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.03 earnings per share. research analysts predict that RingCentral Inc will post -0.28 EPS for the current fiscal year.

In related news, COO David Sipes sold 9,300 shares of the stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $48.86, for a total value of $454,398.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mitesh Dhruv sold 3,000 shares of the stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $50.96, for a total value of $152,880.00. Following the completion of the transaction, the chief financial officer now owns 132,087 shares of the company’s stock, valued at approximately $6,731,153.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 230,934 shares of company stock worth $11,112,262. 14.53% of the stock is owned by corporate insiders.

RNG has been the topic of a number of research analyst reports. Zacks Investment Research lowered RingCentral from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. Oppenheimer raised their price target on RingCentral from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday, November 9th. Bank of America raised their price target on RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Jefferies Group reissued a “buy” rating and set a $48.00 price target on shares of RingCentral in a report on Thursday, October 19th. Finally, Northland Securities reissued a “buy” rating and set a $46.00 price target on shares of RingCentral in a report on Friday, November 10th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $53.79.

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RingCentral Profile

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (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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