Fulton Breakefield Broenniman LLC boosted its stake in shares of RingCentral Inc (NYSE:RNG) by 15.7% in the fourth quarter, Holdings Channel reports. The firm owned 3,169 shares of the software maker’s stock after acquiring an additional 430 shares during the period. Fulton Breakefield Broenniman LLC’s holdings in RingCentral were worth $535,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in RNG. Glen Harbor Capital Management LLC boosted its holdings in RingCentral by 140.0% during the second quarter. Glen Harbor Capital Management LLC now owns 384 shares of the software maker’s stock valued at $44,000 after acquiring an additional 224 shares during the period. Parkside Financial Bank & Trust lifted its position in shares of RingCentral by 285.7% during the 3rd quarter. Parkside Financial Bank & Trust now owns 405 shares of the software maker’s stock worth $51,000 after purchasing an additional 300 shares during the last quarter. Usca Ria LLC acquired a new position in shares of RingCentral during the 3rd quarter worth about $63,000. Smithfield Trust Co. bought a new stake in RingCentral during the 3rd quarter valued at approximately $68,000. Finally, Quest Capital Management Inc. ADV bought a new stake in RingCentral during the 3rd quarter valued at approximately $94,000. Institutional investors own 83.01% of the company’s stock.

In other RingCentral news, CAO John H. Marlow sold 11,756 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $171.32, for a total value of $2,014,037.92. Following the completion of the sale, the chief accounting officer now owns 158,170 shares in the company, valued at approximately $27,097,684.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $168.45, for a total transaction of $4,211,250.00. Following the completion of the sale, the chief executive officer now owns 265,833 shares of the company’s stock, valued at approximately $44,779,568.85. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 240,738 shares of company stock worth $40,541,328. 11.03% of the stock is owned by corporate insiders.

Several brokerages have commented on RNG. Needham & Company LLC lifted their price target on RingCentral from $150.00 to $190.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Morgan Stanley increased their price objective on RingCentral from $170.00 to $195.00 and gave the company an “equal weight” rating in a research report on Monday. Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research note on Saturday, November 9th. William Blair restated a “buy” rating on shares of RingCentral in a research note on Wednesday, November 13th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $160.00 target price on shares of RingCentral in a research report on Friday, October 4th. Five equities 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 stock currently has a consensus rating of “Buy” and an average target price of $164.44.

RingCentral stock traded down $0.90 during trading hours on Tuesday, hitting $185.79. 812,101 shares of the stock were exchanged, compared to its average volume of 1,173,609. The stock has a market capitalization of $15.40 billion, a P/E ratio of -4,644.75 and a beta of 0.90. The business’s 50-day moving average is $170.16 and its two-hundred day moving average is $149.43. The company has a debt-to-equity ratio of 1.12, a quick ratio of 2.85 and a current ratio of 2.85. RingCentral Inc has a 12 month low of $85.10 and a 12 month high of $188.85.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, November 4th. The software maker reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The company had revenue of $233.35 million during the quarter, compared to analysts’ expectations of $221.37 million. RingCentral had a negative net margin of 4.06% and a negative return on equity of 1.61%. RingCentral’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 earnings per share. On average, equities analysts predict that RingCentral Inc will post -0.09 earnings per share for the current fiscal year.

About RingCentral

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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