Eagle Asset Management Inc. Decreases Stock Position in RingCentral, Inc. (NYSE:RNG)

Eagle Asset Management Inc. reduced its position in RingCentral, Inc. (NYSE:RNG) by 0.1% in the second quarter, Holdings Channel.com reports. The fund owned 714,059 shares of the software maker’s stock after selling 602 shares during the period. RingCentral makes up about 0.9% of Eagle Asset Management Inc.’s investment portfolio, making the stock its 13th largest position. Eagle Asset Management Inc.’s holdings in RingCentral were worth $207,491,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Godsey & Gibb Associates purchased a new stake in RingCentral during the 2nd quarter valued at $29,000. Capital Analysts LLC purchased a new stake in RingCentral during the 2nd quarter valued at $29,000. Lindbrook Capital LLC raised its stake in RingCentral by 317.9% during the 2nd quarter. Lindbrook Capital LLC now owns 117 shares of the software maker’s stock valued at $34,000 after buying an additional 89 shares during the last quarter. PNC Managed Account Solutions Inc. purchased a new stake in RingCentral during the 2nd quarter valued at $40,000. Finally, KB Financial Partners LLC purchased a new stake in RingCentral during the 1st quarter valued at $77,000. Institutional investors own 84.31% of the company’s stock.

Shares of RNG traded down $5.09 during midday trading on Monday, hitting $227.72. 7,881 shares of the company traded hands, compared to its average volume of 1,037,382. The firm has a 50 day moving average of $254.48 and a 200-day moving average of $279.62. RingCentral, Inc. has a 52 week low of $212.66 and a 52 week high of $449.00. The stock has a market cap of $20.84 billion, a price-to-earnings ratio of -157.30 and a beta of 0.64. The company has a debt-to-equity ratio of 14.81, a quick ratio of 1.45 and a current ratio of 1.45.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, August 3rd. The software maker reported $0.32 EPS for the quarter, beating the consensus estimate of ($0.57) by $0.89. RingCentral had a negative net margin of 9.78% and a negative return on equity of 59.27%. Sell-side analysts predict that RingCentral, Inc. will post -1.9 earnings per share for the current fiscal year.

In other news, Director R Neil Williams sold 1,071 shares of the company’s stock in a transaction dated Thursday, August 12th. The shares were 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 in the company, valued at approximately $3,363,314.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO John H. Marlow sold 670 shares of the company’s stock in a transaction dated Tuesday, July 13th. The shares were sold at an average price of $285.77, for a total transaction of $191,465.90. Following the sale, the chief accounting officer now owns 194,046 shares in the company, valued at $55,452,525.42. The disclosure for this sale can be found here. Insiders have sold a total of 98,425 shares of company stock valued at $23,842,798 in the last three months. Insiders own 7.35% of the company’s stock.

A number of equities research analysts have weighed in on RNG shares. UBS Group boosted their target price on shares of RingCentral from $275.00 to $300.00 and gave the company a “neutral” rating in a research note on Wednesday, August 4th. Zacks Investment Research raised shares of RingCentral from a “sell” rating to a “hold” rating and set a $285.00 price objective for the company in a research report on Tuesday, July 27th. Needham & Company LLC initiated coverage on shares of RingCentral in a research report on Monday, June 21st. They set a “buy” rating and a $360.00 price objective for the company. 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. Finally, Piper Sandler cut their price objective on shares of RingCentral from $401.00 to $342.00 and set an “overweight” rating for the company in a research report on Wednesday, August 4th. They noted that the move was a valuation call. Three 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 stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $423.85.

RingCentral Profile

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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