Tyers Asset Management LLC increased its stake in shares of RingCentral Inc (NYSE:RNG) by 140.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 528 shares of the software maker’s stock after purchasing an additional 308 shares during the period. Tyers Asset Management LLC’s holdings in RingCentral were worth $61,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Penserra Capital Management LLC acquired a new position in shares of RingCentral during the 1st quarter worth approximately $36,000. Signaturefd LLC raised its holdings in RingCentral by 31.4% in the 1st quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock valued at $39,000 after acquiring an additional 87 shares during the last quarter. Baldwin Brothers Inc. MA raised its holdings in RingCentral by 90.0% in the 2nd quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock valued at $44,000 after acquiring an additional 180 shares during the last quarter. Weaver Consulting Group acquired a new position in RingCentral in the 1st quarter valued at $66,000. Finally, Advisory Services Network LLC acquired a new position in RingCentral in the 1st quarter valued at $70,000. Hedge funds and other institutional investors own 83.44% of the company’s stock.

Shares of RNG stock traded down $0.21 on Friday, reaching $127.15. 837,207 shares of the stock were exchanged, compared to its average volume of 711,408. The company has a current ratio of 2.99, a quick ratio of 2.99 and a debt-to-equity ratio of 1.13. The firm has a 50 day moving average of $137.25 and a two-hundred day moving average of $119.81. RingCentral Inc has a 1-year low of $64.41 and a 1-year high of $146.38.

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

In other news, CAO John H. Marlow sold 16,001 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $124.55, for a total transaction of $1,992,924.55. Following the completion of the sale, the chief accounting officer now directly owns 167,309 shares in the company, valued at approximately $20,838,335.95. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 113,687 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $139.45, for a total value of $15,853,652.15. Following the sale, the chief executive officer now owns 292,020 shares of the company’s stock, valued at $40,722,189. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 408,986 shares of company stock valued at $55,074,381. Insiders own 11.03% of the company’s stock.

Several research analysts have weighed in on the company. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $129.00 price target for the company in a report on Thursday, July 4th. Bank of America boosted their price target on RingCentral from $135.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Oppenheimer boosted their price target on RingCentral from $130.00 to $155.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Raymond James boosted their price target on RingCentral from $140.00 to $175.00 and gave the company a “strong-buy” rating in a report on Tuesday, July 30th. Finally, SunTrust Banks boosted their price target on RingCentral to $163.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Two research 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 stock presently has an average rating of “Buy” and a consensus price target of $135.94.

RingCentral 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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