Perigon Wealth Management LLC Acquires 73 Shares of RingCentral Inc (NYSE:RNG)

Perigon Wealth Management LLC raised its holdings in RingCentral Inc (NYSE:RNG) by 7.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,100 shares of the software maker’s stock after purchasing an additional 73 shares during the quarter. Perigon Wealth Management LLC’s holdings in RingCentral were worth $314,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Global Retirement Partners LLC raised its position in RingCentral by 89.1% in the 2nd quarter. Global Retirement Partners LLC now owns 104 shares of the software maker’s stock valued at $30,000 after purchasing an additional 49 shares during the last quarter. Capital Advisory Group Advisory Services LLC acquired a new stake in shares of RingCentral in the 1st quarter valued at $26,000. Ellevest Inc. increased its stake in shares of RingCentral by 89.7% in the 1st quarter. Ellevest Inc. now owns 184 shares of the software maker’s stock valued at $39,000 after buying an additional 87 shares during the period. Exane Derivatives increased its stake in shares of RingCentral by 2,077.8% in the 1st quarter. Exane Derivatives now owns 196 shares of the software maker’s stock valued at $42,000 after buying an additional 187 shares during the period. Finally, Exchange Traded Concepts LLC increased its stake in shares of RingCentral by 378.0% in the 2nd quarter. Exchange Traded Concepts LLC now owns 196 shares of the software maker’s stock valued at $56,000 after buying an additional 155 shares during the period. Hedge funds and other institutional investors own 86.07% of the company’s stock.

In related news, CAO Vaibhav Agarwal sold 480 shares of the company’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $279.64, for a total transaction of $134,227.20. Following the sale, the chief accounting officer now owns 20,284 shares in the company, valued at $5,672,217.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Anand Eswaran sold 4,012 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $245.13, for a total value of $983,461.56. Following the sale, the chief operating officer now owns 81,803 shares in the company, valued at approximately $20,052,369.39. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,015 shares of company stock worth $26,425,565. Corporate insiders own 11.03% of the company’s stock.

Several equities research analysts have recently commented on RNG shares. Bank of America reissued a “buy” rating and issued a $275.00 target price (up from $258.00) on shares of RingCentral in a research note on Monday, May 4th. Robert W. Baird lifted their target price on RingCentral from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Wells Fargo & Co lifted their target price on RingCentral from $280.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Jefferies Financial Group lifted their target price on RingCentral from $290.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Finally, ValuEngine cut RingCentral from a “buy” rating to a “hold” rating in a research note on Friday, May 1st. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $274.73.

Shares of RingCentral stock opened at $290.27 on Friday. The firm has a market cap of $25.28 billion, a price-to-earnings ratio of -230.37 and a beta of 0.65. The stock’s 50-day moving average is $276.24 and its 200-day moving average is $239.05. RingCentral Inc has a one year low of $120.03 and a one year high of $299.74. The company has a debt-to-equity ratio of 2.18, a current ratio of 3.16 and a quick ratio of 3.16.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $267.51 million for the quarter, compared to analyst estimates of $248.83 million. RingCentral had a negative return on equity of 6.09% and a negative net margin of 11.14%. The company’s quarterly revenue was up 32.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.17 earnings per share. On average, equities analysts expect that RingCentral Inc will post -0.66 EPS for the current year.

About RingCentral

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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