RingCentral Inc (RNG) Holdings Raised by Jefferies Group LLC
Jefferies Group LLC boosted its holdings in shares of RingCentral Inc (NYSE:RNG) by 47.6% in the 3rd quarter, Holdings Channel reports. The firm owned 43,640 shares of the software maker’s stock after buying an additional 14,074 shares during the period. Jefferies Group LLC’s holdings in RingCentral were worth $4,061,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. US Bancorp DE lifted its stake in shares of RingCentral by 141.7% in the 2nd quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock valued at $123,000 after acquiring an additional 1,023 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in shares of RingCentral by 75.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock valued at $130,000 after acquiring an additional 601 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its stake in shares of RingCentral by 287.0% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,513 shares of the software maker’s stock valued at $141,000 after acquiring an additional 1,122 shares during the last quarter. Sun Life Financial INC bought a new position in shares of RingCentral in the 2nd quarter valued at $185,000. Finally, NumerixS Investment Technologies Inc bought a new position in shares of RingCentral in the 2nd quarter valued at $198,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.
NYSE RNG opened at $79.78 on Friday. The firm has a market capitalization of $6.61 billion, a P/E ratio of -227.94 and a beta of 1.12. RingCentral Inc has a twelve month low of $46.05 and a twelve month high of $98.15. The company has a debt-to-equity ratio of 1.22, a current ratio of 4.07 and a quick ratio of 4.07.
In related news, CEO Vladimir Shmunis sold 50,698 shares of the stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $95.87, for a total value of $4,860,417.26. Following the completion of the sale, the chief executive officer now directly owns 315,671 shares in the company, valued at $30,263,378.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Praful Shah sold 4,974 shares of the stock in a transaction on Thursday, October 4th. The shares were sold at an average price of $86.78, for a total value of $431,643.72. Following the completion of the sale, the insider now owns 300,043 shares of the company’s stock, valued at $26,037,731.54. The disclosure for this sale can be found here. Insiders sold 235,512 shares of company stock valued at $19,404,288 over the last 90 days. 11.99% of the stock is currently owned by company insiders.
RNG has been the subject of a number of research reports. Bank of America dropped their price target on RingCentral from $100.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, November 6th. Deutsche Bank initiated coverage on RingCentral in a research note on Monday, October 8th. They issued a “buy” rating and a $105.00 price target for the company. Rosenblatt Securities initiated coverage on RingCentral in a research note on Friday, September 7th. They issued a “buy” rating and a $105.00 price target for the company. Jefferies Financial Group increased their price target on RingCentral to $105.00 and gave the company a “buy” rating in a research note on Wednesday, September 5th. Finally, Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a research note on Friday, November 9th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. RingCentral presently has a consensus rating of “Buy” and an average target price of $90.47.
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RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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