Fulton Breakefield Broenniman LLC raised its stake in RingCentral Inc (NYSE:RNG) by 15.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,169 shares of the software maker’s stock after purchasing an additional 430 shares during the quarter. Fulton Breakefield Broenniman LLC’s holdings in RingCentral were worth $535,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in RingCentral by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 6,439,805 shares of the software maker’s stock valued at $740,062,000 after buying an additional 157,358 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in RingCentral during the 2nd quarter worth $94,704,000. Carillon Tower Advisers Inc. increased its position in shares of RingCentral by 8.7% in the 3rd quarter. Carillon Tower Advisers Inc. now owns 436,875 shares of the software maker’s stock worth $54,898,000 after purchasing an additional 34,908 shares during the last quarter. Pictet Asset Management Ltd. raised its stake in shares of RingCentral by 74.5% in the 3rd quarter. Pictet Asset Management Ltd. now owns 396,785 shares of the software maker’s stock valued at $49,860,000 after purchasing an additional 169,369 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of RingCentral by 26.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 358,108 shares of the software maker’s stock valued at $45,000,000 after purchasing an additional 73,830 shares in the last quarter. Institutional investors own 83.01% of the company’s stock.

NYSE:RNG traded down $0.90 during midday trading on Tuesday, reaching $185.79. 812,101 shares of the company traded hands, compared to its average volume of 1,173,609. RingCentral Inc has a twelve month low of $85.10 and a twelve month high of $188.85. The firm has a market capitalization of $15.40 billion, a price-to-earnings ratio of -4,644.75 and a beta of 0.90. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.85 and a quick ratio of 2.85. The company has a fifty day moving average price of $170.16 and a 200 day moving average price of $149.43.

RingCentral (NYSE:RNG) last issued its earnings results on Monday, November 4th. The software maker reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.03. RingCentral had a negative return on equity of 1.61% and a negative net margin of 4.06%. The firm had revenue of $233.35 million for the quarter, compared to analyst estimates of $221.37 million. During the same period last year, the company earned $0.19 earnings per share. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. On average, equities research analysts forecast that RingCentral Inc will post -0.09 earnings per share for the current fiscal year.

RNG has been the topic of several research analyst reports. ValuEngine cut shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Bank of America reiterated an “average” rating and issued a $198.00 target price (up previously from $187.00) on shares of RingCentral in a research report on Monday, December 9th. Morgan Stanley boosted their price target on RingCentral from $170.00 to $195.00 and gave the company an “equal weight” rating in a report on Monday. Needham & Company LLC upped their price target on RingCentral from $150.00 to $190.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Finally, Rosenblatt Securities restated a “buy” rating and set a $160.00 price objective on shares of RingCentral in a research note on Friday, October 4th. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $164.44.

In other news, CAO Vaibhav Agarwal sold 411 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $167.17, for a total transaction of $68,706.87. Following the completion of the transaction, the chief accounting officer now directly owns 19,535 shares in the company, valued at $3,265,665.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Vladimir Shmunis sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $168.45, for a total value of $4,211,250.00. Following the transaction, the chief executive officer now owns 265,833 shares of the company’s stock, valued at $44,779,568.85. The disclosure for this sale can be found here. Insiders have sold 240,738 shares of company stock valued at $40,541,328 in the last 90 days. 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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