Oppenheimer & Co. Inc. acquired a new position in shares of RingCentral Inc (NYSE:RNG) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,872 shares of the software maker’s stock, valued at approximately $330,000.

Several other large investors also recently modified their holdings of the stock. Trexquant Investment LP raised its holdings in shares of RingCentral by 15.2% during the second quarter. Trexquant Investment LP now owns 13,808 shares of the software maker’s stock worth $1,587,000 after acquiring an additional 1,820 shares during the period. Sawtooth Solutions LLC acquired a new stake in shares of RingCentral during the second quarter worth $920,000. Delta Investment Management LLC acquired a new stake in shares of RingCentral during the second quarter worth $2,318,000. Bridges Investment Management Inc. acquired a new stake in shares of RingCentral during the second quarter worth $317,000. Finally, Janus Henderson Group PLC raised its holdings in shares of RingCentral by 9.0% during the second quarter. Janus Henderson Group PLC now owns 177,217 shares of the software maker’s stock worth $20,366,000 after acquiring an additional 14,688 shares during the period. Institutional investors and hedge funds own 83.44% of the company’s stock.

A number of equities research analysts recently commented on RNG shares. Bank of America raised their price objective on shares of RingCentral from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. SunTrust Banks raised their price objective on shares of RingCentral to $163.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Jefferies Financial Group raised their price objective on shares of RingCentral from $140.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Needham & Company LLC restated a “buy” rating and set a $150.00 price objective (up from $140.00) on shares of RingCentral in a report on Tuesday, July 30th. Finally, Craig Hallum raised their price objective on shares of RingCentral from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $135.94.

Shares of RNG traded up $3.98 during midday trading on Thursday, reaching $128.10. The stock had a trading volume of 28,582 shares, compared to its average volume of 791,712. The firm has a 50 day simple moving average of $137.21 and a 200-day simple moving average of $119.71. RingCentral Inc has a one year low of $64.41 and a one year high of $146.38. The firm has a market cap of $10.92 billion, a PE ratio of -3,218.00 and a beta of 0.87. The company has a current ratio of 2.99, a quick ratio of 2.99 and a debt-to-equity ratio of 1.13.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, July 29th. The software maker reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.13. RingCentral had a negative net margin of 3.95% and a negative return on equity of 1.13%. The company had revenue of $215.20 million during the quarter, compared to the consensus estimate of $204.70 million. During the same quarter last year, the firm posted $0.19 EPS. The company’s quarterly revenue was up 33.8% on a year-over-year basis. As a group, research analysts forecast that RingCentral Inc will post -0.13 EPS for the current fiscal year.

In other news, CAO John H. Marlow sold 27,000 shares of RingCentral stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $143.06, for a total value of $3,862,620.00. Following the completion of the transaction, the chief accounting officer now owns 175,408 shares of the company’s stock, valued at approximately $25,093,868.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO John H. Marlow sold 16,001 shares of RingCentral stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $124.55, for a total transaction of $1,992,924.55. Following the completion of the transaction, the chief accounting officer now directly owns 167,309 shares of the company’s stock, valued at approximately $20,838,335.95. The disclosure for this sale can be found here. In the last three months, insiders sold 408,986 shares of company stock valued at $55,074,381. Insiders own 11.03% of the company’s stock.

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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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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