UBS Asset Management Americas Inc. grew its holdings in shares of RingCentral Inc (NYSE:RNG) by 165.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 217,248 shares of the software maker’s stock after buying an additional 135,484 shares during the quarter. UBS Asset Management Americas Inc. owned 0.26% of RingCentral worth $36,643,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. purchased a new stake in RingCentral during the fourth quarter worth approximately $219,000. Loomis Sayles & Co. L P purchased a new position in shares of RingCentral in the fourth quarter valued at $116,000. Penserra Capital Management LLC purchased a new position in shares of RingCentral in the fourth quarter valued at $45,000. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of RingCentral in the fourth quarter valued at $8,857,000. Finally, Skandinaviska Enskilda Banken AB publ purchased a new position in shares of RingCentral in the fourth quarter valued at $1,383,000. Institutional investors own 85.19% of the company’s stock.
Shares of NYSE:RNG traded up $27.44 on Thursday, reaching $217.80. 1,680,558 shares of the company’s stock were exchanged, compared to its average volume of 1,440,345. The firm has a market capitalization of $16.58 billion, a price-to-earnings ratio of -340.31 and a beta of 0.55. RingCentral Inc has a fifty-two week low of $101.33 and a fifty-two week high of $252.20. The business’s 50-day moving average is $214.16 and its two-hundred day moving average is $177.65. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.56.
In related news, CEO Vladimir Shmunis sold 25,000 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $232.12, for a total value of $5,803,000.00. Following the sale, the chief executive officer now owns 179,197 shares of the company’s stock, valued at approximately $41,595,207.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mitesh Dhruv sold 2,528 shares of the stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $186.43, for a total transaction of $471,295.04. Following the completion of the sale, the chief financial officer now directly owns 256,674 shares in the company, valued at approximately $47,851,733.82. The disclosure for this sale can be found here. Insiders have sold 110,940 shares of company stock worth $24,783,715 over the last three months. 11.03% of the stock is owned by corporate insiders.
Several research analysts have recently weighed in on the stock. Goldman Sachs Group upped their target price on shares of RingCentral from $230.00 to $255.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Oppenheimer decreased their target price on shares of RingCentral from $250.00 to $203.00 and set an “outperform” rating for the company in a research note on Tuesday, March 17th. Bank of America upped their target price on shares of RingCentral from $198.00 to $237.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Wells Fargo & Co upped their target price on shares of RingCentral from $240.00 to $255.00 and gave the company an “overweight” rating in a research note on Tuesday, February 11th. Finally, Jefferies Financial Group upped their target price on shares of RingCentral from to and gave the company a “buy” rating in a research note on Tuesday, February 11th. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $226.86.
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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