Assenagon Asset Management S.A. Acquires New Stake in RingCentral Inc (RNG)

Assenagon Asset Management S.A. bought a new stake in RingCentral Inc (NYSE:RNG) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 46,041 shares of the software maker’s stock, valued at approximately $4,284,000. Assenagon Asset Management S.A. owned 0.06% of RingCentral at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. US Bancorp DE raised its stake in shares of RingCentral by 141.7% in the second quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock valued at $123,000 after acquiring an additional 1,023 shares during the period. Sun Life Financial INC purchased a new stake in shares of RingCentral in the second quarter valued at $185,000. NewSquare Capital LLC purchased a new stake in shares of RingCentral in the second quarter valued at $188,000. NumerixS Investment Technologies Inc purchased a new stake in shares of RingCentral in the second quarter valued at $198,000. Finally, Stifel Financial Corp purchased a new stake in shares of RingCentral in the first quarter valued at $201,000. 77.49% of the stock is currently owned by institutional investors and hedge funds.

RNG stock opened at $77.01 on Friday. The stock has a market capitalization of $6.13 billion, a P/E ratio of -220.03 and a beta of 1.02. RingCentral Inc has a 12 month low of $42.10 and a 12 month high of $98.15. The company has a current ratio of 4.32, a quick ratio of 4.32 and a debt-to-equity ratio of 1.24.

Several brokerages have recently weighed in on RNG. Stifel Nicolaus began coverage on shares of RingCentral in a research note on Wednesday, July 11th. They issued a “buy” rating and a $100.00 target price on the stock. Bank of America increased their target price on shares of RingCentral from $86.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, August 7th. Rosenblatt Securities began coverage on shares of RingCentral in a research note on Friday, September 7th. They issued a “buy” rating and a $105.00 target price on the stock. Robert W. Baird increased their target price on shares of RingCentral from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Tuesday, August 7th. Finally, Deutsche Bank began coverage on shares of RingCentral in a research note on Monday, October 8th. They issued a “buy” rating and a $105.00 target price on the stock. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $89.47.

In other RingCentral news, COO David Sipes sold 6,100 shares of the firm’s stock in a transaction dated Thursday, October 11th. The shares were sold at an average price of $75.96, for a total transaction of $463,356.00. Following the transaction, the chief operating officer now owns 277,992 shares of the company’s stock, valued at approximately $21,116,272.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 39,032 shares of the firm’s stock in a transaction dated Thursday, October 11th. The shares were sold at an average price of $78.40, for a total transaction of $3,060,108.80. Following the transaction, the chief executive officer now directly owns 311,783 shares in the company, valued at approximately $24,443,787.20. The disclosure for this sale can be found here. Insiders sold a total of 248,349 shares of company stock worth $22,231,259 in the last ninety days. 11.99% of the stock is currently owned by 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.

See Also: Conference Calls

Want to see what other hedge funds are holding RNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RingCentral Inc (NYSE:RNG).

Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply