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

Next Century Growth Investors LLC trimmed its stake in RingCentral, Inc. (NYSE:RNG) by 3.8% during the second quarter, Holdings Channel reports. The fund 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 SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of RNG. Main Street Financial Solutions LLC increased its position in RingCentral by 3.4% during the first quarter. Main Street Financial Solutions LLC now owns 1,383 shares of the software maker’s stock worth $412,000 after acquiring an additional 45 shares during the period. Oak Ridge Investments LLC boosted its position in RingCentral by 1.3% in the second quarter. Oak Ridge Investments LLC now owns 3,773 shares of the software maker’s stock valued at $1,096,000 after buying an additional 47 shares in the last quarter. Prudent Man Advisors LLC raised its stake in shares of RingCentral by 5.1% in the second quarter. Prudent Man Advisors LLC now owns 1,054 shares of the software maker’s stock valued at $306,000 after acquiring an additional 51 shares during the last quarter. Penserra Capital Management LLC grew its position in shares of RingCentral by 36.3% during the 2nd quarter. Penserra Capital Management LLC now owns 259 shares of the software maker’s stock worth $75,000 after buying an additional 69 shares during the period. Finally, Sit Investment Associates Inc. lifted its holdings in RingCentral by 1.0% in the second quarter. Sit Investment Associates Inc. now owns 7,310 shares of the software maker’s stock valued at $2,124,000 after buying an additional 75 shares during the period. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Several research firms have recently weighed in on RNG. Wells Fargo & Company cut their price objective on RingCentral from $425.00 to $375.00 and set an “overweight” rating on the stock in a report on Monday. Colliers Securities reissued a “buy” rating and set a $470.00 price objective on shares of RingCentral in a research report on Wednesday, September 1st. UBS Group upped their target price on shares of RingCentral from $275.00 to $300.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 4th. Deutsche Bank Aktiengesellschaft cut their price target on RingCentral from $450.00 to $400.00 and set a “buy” rating on the stock in a report on Wednesday, August 4th. Finally, Zacks Investment Research upgraded RingCentral from a “sell” rating to a “hold” rating and set a $285.00 price objective for the company in a report on Tuesday, July 27th. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $418.85.

In other RingCentral news, CAO Vaibhav Agarwal sold 100 shares of the company’s stock in a transaction dated Friday, August 13th. The stock was sold at an average price of $253.77, for a total value of $25,377.00. Following the transaction, the chief accounting officer now directly owns 26,358 shares in the company, valued at approximately $6,688,869.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director R Neil Williams sold 1,071 shares of RingCentral stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $250.90, for a total transaction of $268,713.90. Following the sale, the director now directly owns 13,405 shares of the company’s stock, valued at $3,363,314.50. The disclosure for this sale can be found here. In the last three months, insiders sold 97,755 shares of company stock worth $23,651,332. Insiders own 7.35% of the company’s stock.

Shares of NYSE RNG traded up $4.88 during trading on Thursday, hitting $241.84. The stock had a trading volume of 2,646 shares, compared to its average volume of 1,055,722. The company has a debt-to-equity ratio of 14.81, a current ratio of 1.45 and a quick ratio of 1.45. The firm has a fifty day moving average of $236.93 and a two-hundred day moving average of $267.00. RingCentral, Inc. has a 12 month low of $207.53 and a 12 month high of $449.00. 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 announced its earnings results on Tuesday, August 3rd. The software maker reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.89. The firm had revenue of $379.27 million for the quarter, compared to the consensus estimate of $358.97 million. RingCentral had a negative return on equity of 59.27% and a negative net margin of 9.78%. On average, equities 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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