RingCentral Inc (NYSE:RNG) Position Lessened by Delta Investment Management LLC

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Delta Investment Management LLC trimmed its position in shares of RingCentral Inc (NYSE:RNG) by 14.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,273 shares of the software maker’s stock after selling 2,900 shares during the period. RingCentral comprises approximately 1.1% of Delta Investment Management LLC’s portfolio, making the stock its 29th biggest holding. Delta Investment Management LLC’s holdings in RingCentral were worth $2,170,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in RNG. Baldwin Brothers Inc. MA increased its position in RingCentral by 90.0% during the second quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock worth $44,000 after buying an additional 180 shares during the last quarter. Glen Harbor Capital Management LLC increased its position in RingCentral by 140.0% during the second quarter. Glen Harbor Capital Management LLC now owns 384 shares of the software maker’s stock worth $44,000 after buying an additional 224 shares during the last quarter. Usca Ria LLC acquired a new position in RingCentral during the third quarter worth $63,000. Tyers Asset Management LLC increased its position in RingCentral by 140.0% during the second quarter. Tyers Asset Management LLC now owns 528 shares of the software maker’s stock worth $61,000 after buying an additional 308 shares during the last quarter. Finally, Smithfield Trust Co. acquired a new position in RingCentral during the third quarter worth $68,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

In other news, COO David Sipes sold 13,957 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $137.70, for a total value 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 $34,665,424.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO John H. Marlow sold 30,987 shares of RingCentral stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $141.94, for a total value of $4,398,294.78. Following the sale, the chief accounting officer now directly owns 171,296 shares in the company, valued at $24,313,754.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 397,429 shares of company stock worth $57,500,942. 11.03% of the stock is currently owned by company insiders.

Several equities analysts have commented on the stock. Raymond James increased their target price on shares of RingCentral from $175.00 to $190.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, November 5th. ValuEngine downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Saturday. SunTrust Banks increased their target price on shares of RingCentral from $163.00 to $192.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Craig Hallum increased their target price on shares of RingCentral from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $160.18.

Shares of NYSE:RNG opened at $169.83 on Friday. The company has a market cap of $13.44 billion, a P/E ratio of -4,245.75 and a beta of 0.87. The stock’s 50-day moving average is $154.46 and its 200-day moving average is $132.65. RingCentral Inc has a 52-week low of $64.41 and a 52-week high of $177.99. The company has a debt-to-equity ratio of 1.13, a quick ratio of 2.99 and a current ratio of 2.99.

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

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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