State of Alaska Department of Revenue lessened its stake in RingCentral Inc (NYSE:RNG) by 5.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,960 shares of the software maker’s stock after selling 460 shares during the quarter. State of Alaska Department of Revenue’s holdings in RingCentral were worth $858,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. FMR LLC increased its holdings in RingCentral by 14.2% in the 4th quarter. FMR LLC now owns 7,227,409 shares of the software maker’s stock worth $595,828,000 after acquiring an additional 898,876 shares in the last quarter. Vanguard Group Inc. increased its holdings in RingCentral by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 6,751,585 shares of the software maker’s stock worth $628,235,000 after acquiring an additional 71,110 shares in the last quarter. Vanguard Group Inc increased its holdings in RingCentral by 1.1% in the 3rd quarter. Vanguard Group Inc now owns 6,751,585 shares of the software maker’s stock worth $628,235,000 after acquiring an additional 71,110 shares in the last quarter. Whale Rock Capital Management LLC increased its holdings in RingCentral by 7.3% in the 4th quarter. Whale Rock Capital Management LLC now owns 1,532,364 shares of the software maker’s stock worth $126,328,000 after acquiring an additional 104,756 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in RingCentral by 6.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 992,948 shares of the software maker’s stock worth $92,393,000 after acquiring an additional 59,673 shares in the last quarter. 81.38% of the stock is owned by institutional investors.

RingCentral stock opened at $105.50 on Monday. RingCentral Inc has a 52-week low of $63.95 and a 52-week high of $111.89. The firm has a market cap of $8.57 billion, a PE ratio of -2,637.50 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 (NYSE:RNG) last released its earnings results on Monday, February 11th. The software maker reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business had revenue of $188.62 million during the quarter, compared to analyst estimates of $180.91 million. Equities research analysts anticipate that RingCentral Inc will post -0.43 EPS for the current fiscal year.

RNG has been the subject of several recent analyst reports. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a report on Saturday, January 26th. Deutsche Bank boosted their price target on shares of RingCentral from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, February 12th. Bank of America reissued a “buy” rating and issued a $110.00 price target (up previously from $93.00) on shares of RingCentral in a report on Thursday, February 7th. SunTrust Banks boosted their price target on shares of RingCentral to $120.00 and gave the stock a “buy” rating in a report on Tuesday, February 12th. Finally, Craig Hallum boosted their price target on shares of RingCentral from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, February 12th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. RingCentral currently has an average rating of “Buy” and a consensus target price of $111.00.

In other news, CEO Vladimir Shmunis sold 134,269 shares of the business’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $104.05, for a total transaction of $13,970,689.45. Following the transaction, the chief executive officer now owns 329,193 shares of the company’s stock, valued at approximately $34,252,531.65. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Mitesh Dhruv sold 1,326 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $106.58, for a total transaction of $141,325.08. Following the transaction, the chief financial officer now directly owns 132,887 shares in the company, valued at approximately $14,163,096.46. The disclosure for this sale can be found here. Insiders have sold 513,774 shares of company stock valued at $53,638,015 in the last ninety days. Insiders own 11.99% of the company’s stock.

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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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