Scott & Selber Inc. bought a new position in shares of RingCentral Inc (NYSE:RNG) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 21,662 shares of the software maker’s stock, valued at approximately $2,489,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RNG. Dimensional Fund Advisors LP boosted its stake in RingCentral by 2.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 107,523 shares of the software maker’s stock valued at $8,862,000 after buying an additional 2,298 shares in the last quarter. Legal & General Group Plc boosted its stake in RingCentral by 9.1% during the fourth quarter. Legal & General Group Plc now owns 35,046 shares of the software maker’s stock valued at $2,889,000 after buying an additional 2,937 shares in the last quarter. Geode Capital Management LLC boosted its stake in RingCentral by 10.2% during the fourth quarter. Geode Capital Management LLC now owns 641,969 shares of the software maker’s stock valued at $52,923,000 after buying an additional 59,629 shares in the last quarter. Virtu Financial LLC bought a new position in RingCentral during the first quarter valued at about $783,000. Finally, Sciencast Management LP bought a new position in RingCentral during the first quarter valued at about $805,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

In other RingCentral news, CAO John H. Marlow sold 27,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $143.06, for a total transaction of $3,862,620.00. Following the completion of the sale, the chief accounting officer now directly owns 175,408 shares in the company, valued at approximately $25,093,868.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO David Sipes sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $124.00, for a total value of $186,000.00. Following the sale, the chief operating officer now owns 258,911 shares of the company’s stock, valued at $32,104,964. The disclosure for this sale can be found here. Insiders have sold a total of 358,541 shares of company stock valued at $43,812,268 over the last 90 days. Corporate insiders own 11.03% of the company’s stock.

Several research analysts recently weighed in on the company. Raymond James raised their target price on RingCentral from $140.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Tuesday, July 30th. Oppenheimer raised their target price on RingCentral from $130.00 to $155.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. UBS Group raised their target price on RingCentral from $117.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, May 7th. Jefferies Financial Group raised their target price on RingCentral from $140.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, Deutsche Bank increased their price target on RingCentral from $125.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $135.94.

Shares of NYSE:RNG traded up $2.62 during midday trading on Tuesday, reaching $141.01. The company had a trading volume of 14,892 shares, compared to its average volume of 862,030. The company has a debt-to-equity ratio of 1.19, a quick ratio of 3.08 and a current ratio of 3.08. RingCentral Inc has a 1-year low of $64.41 and a 1-year high of $146.38. The company has a market capitalization of $11.41 billion, a price-to-earnings ratio of -3,531.75 and a beta of 0.79. The company has a fifty day simple moving average of $125.45.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.13. RingCentral had a negative return on equity of 1.16% and a negative net margin of 3.95%. The business had revenue of $215.20 million during the quarter, compared to analyst estimates of $204.70 million. During the same quarter last year, the company posted $0.19 EPS. RingCentral’s revenue for the quarter was up 33.8% on a year-over-year basis. As a group, sell-side analysts forecast that RingCentral Inc will post -0.13 earnings per share for the current fiscal year.

About RingCentral

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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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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