November 10, 2019 at 1:42 pm

Delta Investment Management LLC Has $2.17 Million Stock Holdings in RingCentral Inc (NYSE:RNG)

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Delta Investment Management LLC lessened its holdings in shares of RingCentral Inc (NYSE:RNG) by 14.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 17,273 shares of the software maker’s stock after selling 2,900 shares during the period. RingCentral accounts for 1.1% of Delta Investment Management LLC’s portfolio, making the stock its 29th largest position. Delta Investment Management LLC’s holdings in RingCentral were worth $2,170,000 as of its most recent SEC filing.

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A number of other institutional investors and hedge funds have also added to or reduced their stakes in RNG. Baldwin Brothers Inc. MA grew its holdings in RingCentral by 90.0% during the 2nd quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock worth $44,000 after acquiring an additional 180 shares during the period. Glen Harbor Capital Management LLC grew its holdings in RingCentral by 140.0% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 384 shares of the software maker’s stock worth $44,000 after acquiring an additional 224 shares during the period. Tyers Asset Management LLC grew its holdings in RingCentral by 140.0% during the 2nd quarter. Tyers Asset Management LLC now owns 528 shares of the software maker’s stock worth $61,000 after acquiring an additional 308 shares during the period. Usca Ria LLC acquired a new stake in RingCentral during the 3rd quarter worth $63,000. Finally, Smithfield Trust Co. acquired a new stake in RingCentral during the 3rd quarter worth $68,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:RNG opened at $169.83 on Friday. The company’s 50-day moving average price is $154.46 and its two-hundred day moving average price is $132.65. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.99 and a quick ratio of 2.99. RingCentral Inc has a one year low of $64.41 and a one year high of $177.99. The stock has a market capitalization of $13.44 billion, a PE ratio of -4,245.75 and a beta of 0.87.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, November 4th. The software maker reported $0.22 EPS for the quarter, topping the consensus estimate of $0.19 by $0.03. RingCentral had a negative net margin of 4.06% and a negative return on equity of 1.66%. The firm had revenue of $233.35 million for the quarter, compared to analysts’ expectations of $221.37 million. During the same period in the previous year, the firm posted $0.19 EPS. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. On average, analysts anticipate that RingCentral Inc will post -0.1 earnings per share for the current fiscal year.

A number of research firms have commented on RNG. Craig Hallum lifted their target price on shares of RingCentral from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. raised shares of RingCentral from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $143.00 to $225.00 in a report on Monday, October 7th. Jefferies Financial Group boosted their price target on shares of RingCentral from $140.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Bank of America boosted their price objective on shares of RingCentral from $150.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Finally, Oppenheimer boosted their price objective on shares of RingCentral from $155.00 to $200.00 in a research report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $160.18.

In other RingCentral news, COO David Sipes sold 13,957 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $137.70, for a total transaction of $1,921,878.90. Following the sale, the chief operating officer now directly owns 251,746 shares of the company’s stock, valued at approximately $34,665,424.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mitesh Dhruv sold 2,132 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $123.90, for a total transaction of $264,154.80. Following the sale, the chief financial officer now directly owns 158,889 shares in the company, valued at $19,686,347.10. The disclosure for this sale can be found here. Insiders have sold a total of 397,429 shares of company stock worth $57,500,942 over the last three months. Insiders own 11.03% of the company’s stock.

RingCentral Profile

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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