Schwab Charles Investment Management Inc. cut its holdings in shares of RingCentral Inc (NYSE:RNG) by 30.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 225,272 shares of the software maker’s stock after selling 98,426 shares during the period. Schwab Charles Investment Management Inc. owned about 0.29% of RingCentral worth $15,848,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Trexquant Investment LP bought a new stake in RingCentral during the 2nd quarter worth approximately $1,677,000. SG Americas Securities LLC grew its position in RingCentral by 32.5% during the 2nd quarter. SG Americas Securities LLC now owns 14,701 shares of the software maker’s stock worth $1,034,000 after acquiring an additional 3,607 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in RingCentral by 180.3% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 94,794 shares of the software maker’s stock worth $6,669,000 after acquiring an additional 60,980 shares during the last quarter. Rhumbline Advisers grew its position in RingCentral by 12.8% during the 2nd quarter. Rhumbline Advisers now owns 69,871 shares of the software maker’s stock worth $4,915,000 after acquiring an additional 7,914 shares during the last quarter. Finally, Sei Investments Co. grew its position in 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 acquiring an additional 16,174 shares during the last quarter. Institutional investors and hedge funds own 77.61% of the company’s stock.

A number of equities research analysts recently commented on the company. Stifel Nicolaus assumed coverage on RingCentral in a research report on Wednesday, July 11th. They set a “buy” rating and a $100.00 price target on the stock. Bank of America increased their price target on RingCentral from $86.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Rosenblatt Securities assumed coverage on RingCentral in a research report on Friday, September 7th. They set a “buy” rating and a $105.00 price target on the stock. Robert W. Baird increased their price target on RingCentral from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 7th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of RingCentral in a report on Friday, June 15th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. RingCentral currently has a consensus rating of “Buy” and a consensus price target of $88.36.

In related news, COO David Sipes sold 9,300 shares of the firm’s stock in a transaction on Wednesday, July 25th. The stock was sold at an average price of $81.13, for a total transaction of $754,509.00. Following the sale, the chief operating officer now owns 299,695 shares of the company’s stock, valued at approximately $24,314,255.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mitesh Dhruv sold 1,264 shares of the firm’s stock in a transaction on Friday, September 7th. The stock was sold at an average price of $94.60, for a total value of $119,574.40. Following the sale, the chief financial officer now directly owns 159,952 shares in the company, valued at approximately $15,131,459.20. The disclosure for this sale can be found here. Insiders have sold a total of 190,992 shares of company stock worth $17,667,965 in the last ninety days. 11.99% of the stock is currently owned by company insiders.

RNG stock opened at $95.70 on Friday. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 1.24. RingCentral Inc has a twelve month low of $38.45 and a twelve month high of $98.15.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, August 6th. The software maker reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.04. The company had revenue of $160.83 million for the quarter, compared to the consensus estimate of $155.71 million. RingCentral had a negative return on equity of 5.93% and a negative net margin of 3.92%. The firm’s quarterly revenue was up 34.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.04 EPS. sell-side analysts anticipate that RingCentral Inc will post -0.14 earnings per share for the current fiscal year.

RingCentral Profile

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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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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