RingCentral Inc (NYSE:RNG) is Atom Investors LP’s 9th Largest Position

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Atom Investors LP boosted its holdings in shares of RingCentral Inc (NYSE:RNG) by 85.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 63,890 shares of the software maker’s stock after purchasing an additional 29,394 shares during the quarter. RingCentral makes up approximately 1.2% of Atom Investors LP’s holdings, making the stock its 9th largest holding. Atom Investors LP owned about 0.07% of RingCentral worth $18,209,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in RNG. Vanguard Group Inc. raised its stake in shares of RingCentral by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 7,240,211 shares of the software maker’s stock valued at $2,063,532,000 after purchasing an additional 51,320 shares in the last quarter. Jennison Associates LLC boosted its stake in RingCentral by 88.8% in the second quarter. Jennison Associates LLC now owns 4,942,786 shares of the software maker’s stock valued at $1,408,743,000 after acquiring an additional 2,324,364 shares during the period. Capital International Investors grew its holdings in shares of RingCentral by 2.2% during the first quarter. Capital International Investors now owns 2,933,170 shares of the software maker’s stock valued at $621,568,000 after purchasing an additional 62,988 shares during the last quarter. Victory Capital Management Inc. grew its stake in RingCentral by 15.9% during the 1st quarter. Victory Capital Management Inc. now owns 1,518,341 shares of the software maker’s stock worth $321,751,000 after buying an additional 207,874 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of RingCentral by 8.3% during the first quarter. Geode Capital Management LLC now owns 876,884 shares of the software maker’s stock worth $185,664,000 after acquiring an additional 67,368 shares during the last quarter. 85.96% of the stock is currently owned by institutional investors.

In related news, CAO Vaibhav Agarwal sold 480 shares of the stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $279.64, for a total transaction of $134,227.20. Following the completion of the transaction, the chief accounting officer now directly owns 20,284 shares in the company, valued at $5,672,217.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Mitesh Dhruv sold 12,369 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $309.76, for a total value of $3,831,421.44. Following the completion of the sale, the chief financial officer now owns 194,425 shares in the company, valued at approximately $60,225,088. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 121,488 shares of company stock worth $34,844,824. 11.03% of the stock is currently owned by company insiders.

Shares of RingCentral stock traded down $13.27 during midday trading on Friday, hitting $266.45. The company’s stock had a trading volume of 1,389,099 shares, compared to its average volume of 888,326. The firm has a market capitalization of $23.70 billion, a P/E ratio of -233.73 and a beta of 0.48. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 1.89. The stock has a 50-day simple moving average of $282.78 and a 200-day simple moving average of $253.77. RingCentral Inc has a 1-year low of $120.03 and a 1-year high of $317.84.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, August 3rd. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. RingCentral had a negative return on equity of 9.06% and a negative net margin of 9.52%. The business had revenue of $277.90 million during the quarter, compared to analysts’ expectations of $262.98 million. During the same period in the prior year, the business earned $0.21 EPS. RingCentral’s revenue for the quarter was up 29.1% compared to the same quarter last year. As a group, sell-side analysts predict that RingCentral Inc will post -0.68 earnings per share for the current year.

Several equities analysts have recently issued reports on the company. Jefferies Financial Group boosted their price objective on RingCentral from $300.00 to $370.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Needham & Company LLC began coverage on RingCentral in a research note on Tuesday, August 11th. They issued a “buy” rating and a $340.00 price target for the company. KeyCorp lifted their price objective on shares of RingCentral from $315.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Goldman Sachs Group upped their price objective on shares of RingCentral from $275.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. They noted that the move was a valuation call. Finally, BTIG Research raised their target price on shares of RingCentral from $275.00 to $325.00 in a research note on Thursday, June 25th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. RingCentral presently has an average rating of “Buy” and a consensus target price of $297.69.

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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