Sciencast Management LP Lowers Holdings in RingCentral, Inc. (NYSE:RNG)

Sciencast Management LP reduced its position in shares of RingCentral, Inc. (NYSE:RNG) by 3.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,312 shares of the software maker’s stock after selling 88 shares during the quarter. Sciencast Management LP’s holdings in RingCentral were worth $721,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Safeguard Investment Advisory Group LLC bought a new position in shares of RingCentral during the 4th quarter worth $35,000. Whittier Trust Co. lifted its stake in RingCentral by 86.2% in the first quarter. Whittier Trust Co. now owns 121 shares of the software maker’s stock worth $36,000 after acquiring an additional 56 shares during the period. DB Wealth Management Group LLC bought a new position in RingCentral during the 4th quarter worth about $43,000. Regent Peak Wealth Advisors LLC purchased a new position in RingCentral during the 4th quarter valued at about $47,000. Finally, Penserra Capital Management LLC raised its holdings in shares of RingCentral by 18.4% in the 4th quarter. Penserra Capital Management LLC now owns 161 shares of the software maker’s stock valued at $61,000 after purchasing an additional 25 shares in the last quarter. 84.75% of the stock is owned by institutional investors and hedge funds.

Shares of RNG opened at $268.00 on Friday. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 6.22. The stock’s 50-day moving average price is $283.89. The firm has a market cap of $24.35 billion, a PE ratio of -1,072.00 and a beta of 0.68. RingCentral, Inc. has a one year low of $229.00 and a one year high of $449.00.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Tuesday, May 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.02. The firm had revenue of $352.36 million during the quarter, compared to analysts’ expectations of $339.43 million. RingCentral had a negative return on equity of 27.38% and a negative net margin of 1.77%. The company’s revenue for the quarter was up 31.7% compared to the same quarter last year. During the same period last year, the business posted $0.19 earnings per share. As a group, equities research analysts predict that RingCentral, Inc. will post -2.15 EPS for the current fiscal year.

In other RingCentral news, CFO Mitesh Dhruv sold 272 shares of RingCentral stock in a transaction dated Tuesday, June 1st. The stock was sold at an average price of $262.00, for a total transaction of $71,264.00. Following the completion of the transaction, the chief financial officer now owns 172,128 shares in the company, valued at approximately $45,097,536. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 17,760 shares of the business’s stock in a transaction dated Thursday, May 20th. The shares were sold at an average price of $256.91, for a total value of $4,562,721.60. Following the completion of the transaction, the chief executive officer now directly owns 218,631 shares of the company’s stock, valued at approximately $56,168,490.21. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,556 shares of company stock valued at $11,764,839. Company insiders own 7.35% of the company’s stock.

Several equities analysts recently issued reports on the stock. Zacks Investment Research raised shares of RingCentral from a “strong sell” rating to a “hold” rating and set a $335.00 price objective on the stock in a report on Tuesday, April 20th. Jefferies Financial Group boosted their price target on RingCentral from $450.00 to $475.00 and gave the stock a “buy” rating in a research report on Wednesday, February 17th. Craig Hallum decreased their price objective on RingCentral from $530.00 to $410.00 and set a “buy” rating for the company in a research note on Tuesday, March 16th. KeyCorp lifted their target price on RingCentral from $410.00 to $490.00 in a research note on Wednesday, February 17th. Finally, BTIG Research decreased their price target on shares of RingCentral from $450.00 to $400.00 and set a “buy” rating for the company in a research report on Wednesday, May 26th. Three analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. RingCentral presently has a consensus rating of “Buy” and a consensus target price of $428.43.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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