Next Century Growth Investors LLC Sells 249 Shares of RingCentral, Inc. (NYSE:RNG)

Next Century Growth Investors LLC lowered its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 3.8% during the second quarter, Holdings Channel reports. The institutional investor owned 6,355 shares of the software maker’s stock after selling 249 shares during the quarter. Next Century Growth Investors LLC’s holdings in RingCentral were worth $1,846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in RNG. Godsey & Gibb Associates bought a new position in shares of RingCentral in the second quarter valued at approximately $29,000. Capital Analysts LLC acquired a new stake in RingCentral during the 2nd quarter valued at $29,000. Lindbrook Capital LLC raised its position in RingCentral by 317.9% in the 2nd quarter. Lindbrook Capital LLC now owns 117 shares of the software maker’s stock valued at $34,000 after purchasing an additional 89 shares during the last quarter. PNC Managed Account Solutions Inc. acquired a new position in RingCentral in the second quarter worth $40,000. Finally, Nicholas Company Inc. bought a new stake in shares of RingCentral during the second quarter worth $58,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

A number of equities research analysts have commented on RNG shares. UBS Group increased their price objective on shares of RingCentral from $275.00 to $300.00 and gave the stock a “neutral” rating in a report on Wednesday, August 4th. Needham & Company LLC assumed coverage on shares of RingCentral in a report on Monday, June 21st. They issued a “buy” rating and a $360.00 price target for the company. Piper Sandler reduced their price objective on RingCentral from $401.00 to $342.00 and set an “overweight” rating on the stock in a report on Wednesday, August 4th. They noted that the move was a valuation call. Deutsche Bank Aktiengesellschaft lowered their target price on RingCentral from $450.00 to $400.00 and set a “buy” rating for the company in a research note on Wednesday, August 4th. Finally, Colliers Securities reaffirmed a “buy” rating and set a $470.00 price target on shares of RingCentral in a research note on Wednesday, September 1st. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $418.85.

In other news, COO Anand Eswaran sold 5,835 shares of the company’s stock in a transaction on Thursday, August 26th. The shares were sold at an average price of $254.71, for a total value of $1,486,232.85. Following the completion of the sale, the chief operating officer now owns 193,124 shares in the company, valued at approximately $49,190,614.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 29,652 shares of the firm’s stock in a transaction dated Tuesday, September 14th. The shares were sold at an average price of $218.58, for a total transaction of $6,481,334.16. Following the transaction, the chief executive officer now directly owns 172,382 shares in the company, valued at $37,679,257.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 97,755 shares of company stock worth $23,651,332. 7.35% of the stock is currently owned by insiders.

Shares of NYSE RNG traded up $4.88 during mid-day trading on Thursday, hitting $241.84. The company had a trading volume of 2,646 shares, compared to its average volume of 1,055,722. RingCentral, Inc. has a one year low of $207.53 and a one year high of $449.00. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 14.81. The firm has a 50-day simple moving average of $236.93 and a two-hundred day simple moving average of $267.00. The company has a market capitalization of $22.13 billion, a PE ratio of -162.29 and a beta of 0.64.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, August 3rd. The software maker reported $0.32 earnings per share for the quarter, topping the consensus estimate of ($0.57) by $0.89. RingCentral had a negative return on equity of 59.27% and a negative net margin of 9.78%. The firm had revenue of $379.27 million for the quarter, compared to analysts’ expectations of $358.97 million. Sell-side analysts expect that RingCentral, Inc. will post -1.9 earnings per share for the current fiscal year.

About RingCentral

RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones; and allow for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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