NewSquare Capital LLC Raises Stock Holdings in RingCentral Inc (NYSE:RNG)

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NewSquare Capital LLC lifted its holdings in RingCentral Inc (NYSE:RNG) by 22.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,737 shares of the software maker’s stock after buying an additional 860 shares during the quarter. NewSquare Capital LLC’s holdings in RingCentral were worth $595,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of RNG. Nuveen Asset Management LLC purchased a new stake in shares of RingCentral in the second quarter worth approximately $94,704,000. Rathbone Brothers plc purchased a new stake in shares of RingCentral in the second quarter worth approximately $27,385,000. Pictet Asset Management Ltd. purchased a new stake in shares of RingCentral in the second quarter worth approximately $26,135,000. Point72 Asset Management L.P. purchased a new position in RingCentral during the 2nd quarter worth $18,222,000. Finally, Vanguard Group Inc. increased its holdings in RingCentral by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 6,439,805 shares of the software maker’s stock worth $740,062,000 after purchasing an additional 157,358 shares during the period. Hedge funds and other institutional investors own 82.21% of the company’s stock.

NYSE RNG traded up $0.22 during midday trading on Tuesday, hitting $176.68. 28,023 shares of the company traded hands, compared to its average volume of 1,558,418. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.99 and a quick ratio of 2.99. The company has a market cap of $14.39 billion, a PE ratio of -4,419.00 and a beta of 0.83. The company’s 50-day simple moving average is $140.99 and its 200-day simple moving average is $125.64. RingCentral Inc has a 52 week low of $64.41 and a 52 week high of $177.99.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.13. The business had revenue of $215.20 million for the quarter, compared to analysts’ expectations of $204.70 million. RingCentral had a negative return on equity of 1.13% and a negative net margin of 3.95%. The business’s revenue for the quarter was up 33.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.19 EPS. On average, research analysts predict that RingCentral Inc will post -0.13 earnings per share for the current year.

Several research analysts have commented on RNG shares. Raymond James raised their price objective on RingCentral from $140.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Tuesday, July 30th. Jefferies Financial Group raised their price objective on RingCentral from $140.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Bank of America raised their price objective on RingCentral from $150.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, October 7th. SunTrust Banks raised their price objective on RingCentral to $163.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Morgan Stanley raised their price objective on RingCentral from $136.00 to $140.00 and gave the stock an “equal weight” rating in a report on Friday, October 4th. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. RingCentral has a consensus rating of “Buy” and a consensus target price of $149.35.

In other news, CEO Vladimir Shmunis sold 63,687 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $138.47, for a total value of $8,818,738.89. Following the completion of the sale, the chief executive officer now owns 292,020 shares of the company’s stock, valued at approximately $40,436,009.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO John H. Marlow sold 27,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $143.06, for a total value of $3,862,620.00. Following the completion of the sale, the chief accounting officer now directly owns 175,408 shares of the company’s stock, valued at approximately $25,093,868.48. The disclosure for this sale can be found here. Insiders have sold a total of 361,384 shares of company stock worth $50,503,385 in the last ninety days. Insiders own 11.03% of the company’s stock.

RingCentral Company 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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