Columbus Circle Investors Sells 8,735 Shares of RingCentral (RNG)

Columbus Circle Investors lessened its stake in shares of RingCentral (NYSE:RNG) by 1.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 518,051 shares of the software maker’s stock after selling 8,735 shares during the period. Columbus Circle Investors’ holdings in RingCentral were worth $32,896,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of RingCentral by 17.2% during the 4th quarter. BlackRock Inc. now owns 5,110,028 shares of the software maker’s stock valued at $247,325,000 after acquiring an additional 750,564 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of RingCentral by 14.8% in the fourth quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock valued at $85,644,000 after purchasing an additional 228,200 shares in the last quarter. OppenheimerFunds Inc. lifted its holdings in shares of RingCentral by 3.6% in the fourth quarter. OppenheimerFunds Inc. now owns 640,825 shares of the software maker’s stock valued at $31,015,000 after purchasing an additional 22,530 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of RingCentral by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 530,786 shares of the software maker’s stock valued at $25,689,000 after purchasing an additional 6,043 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of RingCentral by 5.6% in the fourth quarter. Wells Fargo & Company MN now owns 513,255 shares of the software maker’s stock valued at $24,842,000 after purchasing an additional 27,177 shares in the last quarter. Institutional investors own 75.02% of the company’s stock.

NYSE RNG opened at $76.90 on Friday. RingCentral has a 1-year low of $73.55 and a 1-year high of $75.25. The company has a debt-to-equity ratio of 1.29, a quick ratio of 4.71 and a current ratio of 4.71. The firm has a market capitalization of $5.79 billion, a PE ratio of -219.71 and a beta of 0.67.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Wednesday, May 9th. The software maker reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.04. RingCentral had a negative net margin of 3.99% and a negative return on equity of 9.90%. The business had revenue of $150.00 million for the quarter, compared to the consensus estimate of $145.41 million. During the same period in the prior year, the business posted $0.03 earnings per share. RingCentral’s revenue for the quarter was up 33.9% compared to the same quarter last year. sell-side analysts predict that RingCentral will post -0.2 EPS for the current year.

RingCentral declared that its board has approved a stock buyback program on Tuesday, February 27th that allows the company to buyback $35.00 million in outstanding shares. This buyback authorization allows the software maker to repurchase shares of its stock through a private placement purchase. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

A number of analysts have recently issued reports on the company. Craig Hallum increased their target price on RingCentral from $50.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Morgan Stanley set a $60.00 target price on RingCentral and gave the company a “hold” rating in a report on Tuesday, February 13th. Oppenheimer increased their target price on RingCentral from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, February 13th. TheStreet upgraded RingCentral from a “d+” rating to a “c-” rating in a report on Monday, February 12th. Finally, ValuEngine upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 2nd. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $65.62.

In other RingCentral news, CEO Vladimir Shmunis sold 52,509 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $64.06, for a total transaction of $3,363,726.54. Following the transaction, the chief executive officer now directly owns 300,154 shares of the company’s stock, valued at $19,227,865.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO David Sipes sold 9,300 shares of the stock in a transaction on Wednesday, April 18th. The stock was sold at an average price of $68.86, for a total transaction of $640,398.00. Following the transaction, the chief operating officer now directly owns 317,520 shares in the company, valued at $21,864,427.20. The disclosure for this sale can be found here. Insiders sold 225,269 shares of company stock worth $14,582,112 over the last ninety days. 11.99% of the stock is currently owned by company insiders.

About RingCentral

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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