Metropolitan Life Insurance Co NY Boosts Stock Position in RingCentral Inc (NYSE:RNG)

Metropolitan Life Insurance Co NY lifted its stake in RingCentral Inc (NYSE:RNG) by 4.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,259 shares of the software maker’s stock after purchasing an additional 230 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in RingCentral were worth $661,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Granahan Investment Management Inc. MA acquired a new position in RingCentral during the third quarter worth $204,000. SG Americas Securities LLC raised its holdings in shares of RingCentral by 130.8% during the 2nd quarter. SG Americas Securities LLC now owns 4,560 shares of the software maker’s stock worth $524,000 after acquiring an additional 2,584 shares during the period. Janus Henderson Group PLC boosted its position in shares of RingCentral by 9.0% during the 2nd quarter. Janus Henderson Group PLC now owns 177,217 shares of the software maker’s stock valued at $20,366,000 after acquiring an additional 14,688 shares during the last quarter. Natixis acquired a new position in shares of RingCentral during the 2nd quarter valued at about $9,006,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of RingCentral by 4.7% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 431,461 shares of the software maker’s stock valued at $49,584,000 after acquiring an additional 19,191 shares during the last quarter. 83.01% of the stock is owned by hedge funds and other institutional investors.

In other news, CAO Vaibhav Agarwal sold 315 shares of RingCentral stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $125.86, for a total value of $39,645.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO John H. Marlow sold 16,001 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $124.55, for a total value of $1,992,924.55. Following the completion of the sale, the chief accounting officer now owns 167,309 shares in the company, valued at approximately $20,838,335.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 261,968 shares of company stock worth $43,349,230. Company insiders own 11.03% of the company’s stock.

Several equities research analysts recently issued reports on the stock. Bank of America restated an “average” rating and set a $198.00 price objective (up from $187.00) on shares of RingCentral in a research report on Monday. Rosenblatt Securities reaffirmed a “buy” rating and set a $160.00 target price on shares of RingCentral in a research note on Friday, October 4th. Craig Hallum boosted their target price on shares of RingCentral from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. William Blair reissued a “buy” rating on shares of RingCentral in a research note on Wednesday, November 13th. Finally, ValuEngine downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $159.47.

NYSE RNG opened at $165.82 on Tuesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.85 and a quick ratio of 2.85. The stock has a market capitalization of $13.95 billion, a P/E ratio of -4,145.50 and a beta of 0.90. The firm’s 50-day moving average is $166.01 and its two-hundred day moving average is $140.36. RingCentral Inc has a 12 month low of $69.84 and a 12 month high of $177.99.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, November 4th. The software maker reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $233.35 million during the quarter, compared to analysts’ expectations of $221.37 million. RingCentral had a negative net margin of 4.06% and a negative return on equity of 1.61%. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period last year, the business earned $0.19 earnings per share. As a group, analysts anticipate that RingCentral Inc will post -0.09 EPS for the current year.

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.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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