Engineers Gate Manager LP lifted its holdings in RingCentral (NYSE:RNG) by 69.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,073 shares of the software maker’s stock after acquiring an additional 16,827 shares during the period. Engineers Gate Manager LP owned approximately 0.05% of RingCentral worth $2,608,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of RingCentral by 108.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock worth $161,000 after acquiring an additional 1,735 shares in the last quarter. Public Employees Retirement Association of Colorado bought a new position in shares of RingCentral in the 4th quarter worth about $174,000. Parametrica Management Ltd bought a new position in shares of RingCentral in the 4th quarter worth about $202,000. CIBC World Markets Inc. bought a new position in shares of RingCentral in the 4th quarter worth about $215,000. Finally, Invictus RG bought a new position in shares of RingCentral in the 4th quarter worth about $269,000. 75.02% of the stock is owned by hedge funds and other institutional investors.

Shares of RingCentral opened at $73.60 on Wednesday, Marketbeat.com reports. RingCentral has a one year low of $71.75 and a one year high of $73.80. The company has a debt-to-equity ratio of 1.29, a current ratio of 4.71 and a quick ratio of 4.71.

RingCentral (NYSE:RNG) last issued its earnings results on Wednesday, May 9th. The software maker reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. RingCentral had a negative return on equity of 9.90% and a negative net margin of 3.99%. The business had revenue of $150.00 million during the quarter, compared to analyst estimates of $145.41 million. During the same period in the previous year, the company posted $0.03 EPS. The firm’s revenue was up 33.9% compared to the same quarter last year. equities research analysts anticipate that RingCentral will post -0.2 EPS for the current fiscal year.

RingCentral announced that its Board of Directors has approved a share repurchase program on Tuesday, February 27th that authorizes the company to buyback $35.00 million in shares. This buyback authorization authorizes the software maker to purchase shares of its stock through a private placement purchase. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Several research analysts have recently weighed in on RNG shares. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Wednesday, April 18th. Bank of America lifted their price objective on RingCentral from $57.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. TheStreet raised RingCentral from a “d+” rating to a “c-” rating in a research report on Monday, February 12th. JPMorgan Chase lifted their price objective on RingCentral from $52.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 13th. Finally, SunTrust Banks lifted their price objective on RingCentral to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. RingCentral has a consensus rating of “Buy” and an average price target of $65.62.

In other RingCentral news, CFO Mitesh Dhruv sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $62.52, for a total transaction of $187,560.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO David Sipes sold 9,300 shares of the business’s stock in a transaction that occurred on Wednesday, April 18th. The stock was sold at an average price of $68.86, for a total value of $640,398.00. Following the sale, the chief operating officer now directly owns 317,520 shares of the company’s stock, valued at $21,864,427.20. The disclosure for this sale can be found here. Insiders sold a total of 225,269 shares of company stock valued at $14,582,112 over the last ninety days. 11.99% of the stock is currently owned by corporate insiders.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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