RingCentral Inc (NYSE:RNG) is Gilder Gagnon Howe & Co. LLC’s 6th Largest Position

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Gilder Gagnon Howe & Co. LLC trimmed its position in RingCentral Inc (NYSE:RNG) by 9.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,049,529 shares of the software maker’s stock after selling 107,379 shares during the quarter. RingCentral accounts for 2.3% of Gilder Gagnon Howe & Co. LLC’s holdings, making the stock its 6th largest holding. Gilder Gagnon Howe & Co. LLC owned about 1.20% of RingCentral worth $299,126,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Baird Financial Group Inc. lifted its holdings in shares of RingCentral by 1.2% in the 2nd quarter. Baird Financial Group Inc. now owns 3,418 shares of the software maker’s stock worth $577,000 after buying an additional 42 shares during the period. Signaturefd LLC raised its position in shares of RingCentral by 7.0% in the 2nd quarter. Signaturefd LLC now owns 659 shares of the software maker’s stock worth $188,000 after acquiring an additional 43 shares in the last quarter. Cordatus Wealth Management LLC raised its position in shares of RingCentral by 1.1% in the 2nd quarter. Cordatus Wealth Management LLC now owns 4,348 shares of the software maker’s stock worth $1,239,000 after acquiring an additional 46 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of RingCentral by 89.1% in the 2nd quarter. Global Retirement Partners LLC now owns 104 shares of the software maker’s stock worth $30,000 after acquiring an additional 49 shares in the last quarter. Finally, Flagship Harbor Advisors LLC raised its position in shares of RingCentral by 4.4% in the 1st quarter. Flagship Harbor Advisors LLC now owns 1,324 shares of the software maker’s stock worth $281,000 after acquiring an additional 56 shares in the last quarter. Institutional investors and hedge funds own 85.96% of the company’s stock.

In other news, CAO Vaibhav Agarwal sold 480 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $279.64, for a total value of $134,227.20. Following the transaction, the chief accounting officer now owns 20,284 shares in the company, valued at $5,672,217.76. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mitesh Dhruv sold 12,369 shares of the firm’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 transaction, 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. In the last 90 days, insiders sold 121,488 shares of company stock worth $34,844,824. Company insiders own 11.03% of the company’s stock.

RNG stock traded down $13.27 during mid-day trading on Friday, reaching $266.45. 1,389,099 shares of the company’s stock were exchanged, compared to its average volume of 888,326. The company has a market cap of $23.70 billion, a price-to-earnings ratio of -233.73 and a beta of 0.48. The stock’s 50 day moving average is $282.78 and its 200 day moving average is $253.77. The company has a debt-to-equity ratio of 1.89, a current ratio of 2.70 and a quick ratio of 2.70. RingCentral Inc has a 12-month low of $120.03 and a 12-month high of $317.84.

RingCentral (NYSE:RNG) last issued its quarterly 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. The company had revenue of $277.90 million for the quarter, compared to the consensus estimate of $262.98 million. RingCentral had a negative return on equity of 9.06% and a negative net margin of 9.52%. RingCentral’s revenue for the quarter was up 29.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.21 earnings per share. On average, research analysts forecast that RingCentral Inc will post -0.68 earnings per share for the current fiscal year.

RNG has been the subject of several recent research reports. KeyCorp boosted their price target on RingCentral from $315.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Wolfe Research began coverage on RingCentral in a research report on Friday, July 24th. They set an “outperform” rating and a $325.00 target price on the stock. Raymond James upped their target price on RingCentral from $290.00 to $355.00 and gave the company a “strong-buy” rating in a research report on Tuesday, August 4th. BTIG Research upped their target price on RingCentral from $275.00 to $325.00 in a research report on Thursday, June 25th. Finally, Goldman Sachs Group upped their target price on RingCentral from $275.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. RingCentral currently has a consensus rating of “Buy” and an average target price of $297.69.

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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