Oppenheimer & Co. Inc. Has $206,000 Position in RingCentral Inc (NYSE:RNG)

Oppenheimer & Co. Inc. cut its stake in shares of RingCentral Inc (NYSE:RNG) by 42.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,643 shares of the software maker’s stock after selling 1,229 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in RingCentral were worth $206,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in RNG. Nuveen Asset Management LLC acquired a new position in RingCentral during the 2nd quarter worth about $94,704,000. Rathbone Brothers plc bought a new position in shares of RingCentral in the 2nd quarter worth about $27,385,000. Pictet Asset Management Ltd. bought a new position in shares of RingCentral in the 2nd quarter worth about $26,135,000. Point72 Asset Management L.P. bought a new position in shares of RingCentral in the 2nd quarter worth about $18,222,000. Finally, Vanguard Group Inc. raised its position in shares of RingCentral by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 6,439,805 shares of the software maker’s stock worth $740,062,000 after acquiring an additional 157,358 shares in the last quarter. 81.98% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral stock traded down $4.04 during midday trading on Wednesday, reaching $168.67. The stock had a trading volume of 829,696 shares, compared to its average volume of 912,874. RingCentral Inc has a 12 month low of $64.41 and a 12 month high of $177.99. The company has a market capitalization of $14.09 billion, a P/E ratio of -4,216.75 and a beta of 0.87. The company has a fifty day moving average price of $156.68 and a two-hundred day moving average price of $133.58. The company has a current ratio of 2.99, a quick ratio of 2.99 and a debt-to-equity ratio of 1.13.

RingCentral (NYSE:RNG) last issued its earnings results on Monday, November 4th. The software maker reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. RingCentral had a negative return on equity of 1.66% and a negative net margin of 4.06%. The business had revenue of $233.35 million during the quarter, compared to analyst estimates of $221.37 million. During the same period in the previous year, the company posted $0.19 EPS. The firm’s revenue was up 34.2% compared to the same quarter last year. On average, equities research analysts predict that RingCentral Inc will post -0.09 earnings per share for the current fiscal year.

RNG has been the subject of several research analyst reports. Bank of America lifted their price objective on RingCentral from $150.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Morgan Stanley lifted their price objective on RingCentral from $140.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. ValuEngine lowered RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Oppenheimer lifted their price objective on RingCentral from $155.00 to $200.00 in a research report on Tuesday, November 5th. Finally, Raymond James lifted their price objective on RingCentral from $175.00 to $190.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. RingCentral has a consensus rating of “Buy” and an average target price of $160.18.

In other RingCentral news, CEO Vladimir Shmunis sold 113,687 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $139.45, for a total transaction of $15,853,652.15. Following the completion of the sale, the chief executive officer now directly owns 292,020 shares of the company’s stock, valued at approximately $40,722,189. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO David Sipes sold 5,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $173.37, for a total value of $953,535.00. Following the sale, the chief operating officer now directly owns 236,689 shares of the company’s stock, valued at $41,034,771.93. The disclosure for this sale can be found here. Insiders sold a total of 397,429 shares of company stock valued at $57,500,942 over the last ninety days. 11.03% of the stock is currently owned by corporate insiders.

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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