Weaver Consulting Group Invests $66,000 in RingCentral Inc (NYSE:RNG)

Weaver Consulting Group acquired a new stake in RingCentral Inc (NYSE:RNG) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 534 shares of the software maker’s stock, valued at approximately $66,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RNG. Advisory Services Network LLC bought a new position in RingCentral during the first quarter valued at $70,000. Cerebellum GP LLC grew its holdings in RingCentral by 69.8% during the first quarter. Cerebellum GP LLC now owns 3,122 shares of the software maker’s stock valued at $337,000 after purchasing an additional 1,283 shares during the period. Berkshire Capital Holdings Inc. grew its holdings in RingCentral by 11.7% during the first quarter. Berkshire Capital Holdings Inc. now owns 103,190 shares of the software maker’s stock valued at $11,124,000 after purchasing an additional 10,810 shares during the period. FIL Ltd bought a new position in RingCentral during the first quarter valued at $67,944,000. Finally, Sheets Smith Wealth Management grew its holdings in RingCentral by 4.0% during the first quarter. Sheets Smith Wealth Management now owns 4,305 shares of the software maker’s stock valued at $464,000 after purchasing an additional 166 shares during the period. 81.88% of the stock is owned by hedge funds and other institutional investors.

NYSE RNG traded up $0.60 during trading hours on Friday, reaching $122.97. 401,921 shares of the stock traded hands, compared to its average volume of 674,755. The firm has a 50 day moving average price of $118.43. RingCentral Inc has a 1 year low of $64.41 and a 1 year high of $127.00. The company has a debt-to-equity ratio of 1.19, a quick ratio of 3.08 and a current ratio of 3.08. The firm has a market cap of $10.08 billion, a P/E ratio of -3,074.25 and a beta of 0.79.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.16). The firm had revenue of $201.50 million for the quarter, compared to analysts’ expectations of $193.54 million. RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.73%. The company’s revenue for the quarter was up 34.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.16 EPS. On average, equities research analysts expect that RingCentral Inc will post -0.43 earnings per share for the current fiscal year.

RNG has been the subject of a number of analyst reports. Bank of America set a $54.00 price target on Fortis and gave the stock a “buy” rating in a report on Thursday, May 2nd. Jefferies Financial Group reaffirmed a “hold” rating and issued a $75.00 price target on shares of Bayerische Motoren Werke in a report on Tuesday, May 7th. Craig Hallum lifted their price objective on RingCentral from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Zacks Investment Research lowered GENEL ENERGY PL/ADR from a “hold” rating to a “sell” rating in a research note on Thursday, July 4th. Finally, Stephens reissued a “buy” rating and set a $74.00 price objective on shares of Everbridge in a research note on Monday, May 6th. Three equities 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. RingCentral has an average rating of “Buy” and a consensus target price of $123.17.

In related news, CFO Mitesh Dhruv sold 1,326 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $106.58, for a total value of $141,325.08. Following the sale, the chief financial officer now directly owns 132,887 shares of the company’s stock, valued at $14,163,096.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Praful Shah sold 5,456 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $121.09, for a total value of $660,667.04. Following the completion of the sale, the insider now directly owns 269,657 shares in the company, valued at $32,652,766.13. The disclosure for this sale can be found here. In the last quarter, insiders sold 331,367 shares of company stock worth $39,904,913. Company insiders own 11.03% of the company’s stock.

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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