United Services Automobile Association lifted its holdings in shares of RingCentral Inc (NYSE:RNG) by 105.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 24,990 shares of the software maker’s stock after acquiring an additional 12,823 shares during the quarter. United Services Automobile Association’s holdings in RingCentral were worth $2,060,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ffcm LLC acquired a new stake in RingCentral during the fourth quarter valued at approximately $27,000. Karp Capital Management Corp acquired a new position in shares of RingCentral during the 4th quarter worth about $41,000. Evolution Wealth Advisors LLC bought a new stake in shares of RingCentral in the 4th quarter valued at about $99,000. DekaBank Deutsche Girozentrale raised its holdings 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 purchasing an additional 601 shares during the period. Finally, Cerebellum GP LLC bought a new stake in shares of RingCentral in the 4th quarter valued at about $152,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

RingCentral stock traded up $2.65 during trading hours on Tuesday, hitting $108.95. The company had a trading volume of 5,611 shares, compared to its average volume of 716,698. The stock has a market cap of $8.64 billion, a P/E ratio of -2,718.25 and a beta of 0.95. The company has a quick ratio of 3.55, a current ratio of 3.55 and a debt-to-equity ratio of 1.15. RingCentral Inc has a one year low of $61.35 and a one year high of $111.70.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Monday, February 11th. The software maker reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.05. RingCentral had a negative net margin of 3.89% and a negative return on equity of 0.69%. The firm had revenue of $188.62 million for the quarter, compared to analysts’ expectations of $180.91 million. Equities analysts anticipate that RingCentral Inc will post -0.43 earnings per share for the current fiscal year.

A number of brokerages have recently issued reports on RNG. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Saturday, January 26th. Guggenheim began coverage on shares of RingCentral in a report on Monday, March 11th. They issued a “buy” rating and a $125.00 target price on the stock. Deutsche Bank upped their target price on shares of RingCentral from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday. Jefferies Financial Group upped their target price on shares of RingCentral from $115.00 to $121.00 and gave the company a “buy” rating in a report on Friday, February 22nd. Finally, Morgan Stanley upped their target price on shares of RingCentral from $84.00 to $93.00 and gave the company an “equal weight” rating in a report on Monday, January 7th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. RingCentral presently has an average rating of “Buy” and a consensus price target of $111.00.

In related news, insider Praful Shah sold 1,779 shares of the stock in a transaction that occurred on Thursday, January 3rd. The shares were sold at an average price of $79.80, for a total transaction of $141,964.20. Following the sale, the insider now owns 283,099 shares in the company, valued at approximately $22,591,300.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 39,032 shares of the stock in a transaction that occurred on Thursday, January 10th. The stock was sold at an average price of $87.57, for a total transaction of $3,418,032.24. Following the sale, the chief executive officer now owns 276,760 shares in the company, valued at approximately $24,235,873.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 470,890 shares of company stock worth $48,082,706. Company insiders own 11.99% of the company’s stock.

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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.

Further Reading: Asset Allocation

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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