Investors Sell Shares of RingCentral (RNG) on Strength (RNG)

Traders sold shares of RingCentral Inc (NYSE:RNG) on strength during trading on Monday. $16.54 million flowed into the stock on the tick-up and $45.50 million flowed out of the stock on the tick-down, for a money net flow of $28.96 million out of the stock. Of all companies tracked, RingCentral had the 24th highest net out-flow for the day. RingCentral traded up $2.68 for the day and closed at $78.19

RNG has been the topic of a number of analyst reports. Jefferies Financial Group lifted their price objective on RingCentral to $105.00 and gave the company a “buy” rating in a report on Wednesday, September 5th. Rosenblatt Securities initiated coverage on RingCentral in a report on Friday, September 7th. They issued a “buy” rating and a $105.00 price objective on the stock. SunTrust Banks lifted their price objective on RingCentral to $100.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Bank of America lifted their price objective on RingCentral from $86.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Finally, Deutsche Bank initiated coverage on RingCentral in a report on Monday, October 8th. They issued a “buy” rating and a $105.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $89.47.

The company has a debt-to-equity ratio of 1.24, a quick ratio of 4.32 and a current ratio of 4.32. The stock has a market cap of $6.01 billion, a PE ratio of -223.40 and a beta of 0.81.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, August 6th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.04. RingCentral had a negative net margin of 3.92% and a negative return on equity of 5.93%. The company had revenue of $160.83 million during the quarter, compared to the consensus estimate of $155.71 million. During the same period last year, the firm earned $0.04 EPS. The company’s revenue for the quarter was up 34.1% on a year-over-year basis. On average, research analysts expect that RingCentral Inc will post -0.13 EPS for the current year.

In other news, insider Praful Shah sold 3,109 shares of RingCentral stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $93.62, for a total transaction of $291,064.58. Following the completion of the sale, the insider now directly owns 308,204 shares in the company, valued at approximately $28,854,058.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 50,508 shares of RingCentral stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $89.29, for a total transaction of $4,509,859.32. Following the sale, the chief executive officer now owns 349,282 shares of the company’s stock, valued at $31,187,389.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 257,649 shares of company stock valued at $22,985,768. Insiders own 11.99% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. NumerixS Investment Technologies Inc acquired a new position in shares of RingCentral during the 2nd quarter worth approximately $198,000. Sei Investments Co. raised its position in shares of RingCentral by 81.4% during the 2nd quarter. Sei Investments Co. now owns 36,051 shares of the software maker’s stock worth $2,536,000 after purchasing an additional 16,174 shares during the last quarter. OppenheimerFunds Inc. raised its position in shares of RingCentral by 22.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 792,971 shares of the software maker’s stock worth $55,786,000 after purchasing an additional 145,343 shares during the last quarter. Bank of Montreal Can raised its position in shares of RingCentral by 34,571.9% during the 2nd quarter. Bank of Montreal Can now owns 179,947 shares of the software maker’s stock worth $12,660,000 after purchasing an additional 179,428 shares during the last quarter. Finally, Nomura Holdings Inc. raised its position in shares of RingCentral by 604.0% during the 2nd quarter. Nomura Holdings Inc. now owns 376,132 shares of the software maker’s stock worth $26,461,000 after purchasing an additional 322,707 shares during the last quarter. Hedge funds and other institutional investors own 77.56% of the company’s stock.

About RingCentral (NYSE:RNG)

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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