RingCentral Inc (NYSE:RNG) Stake Decreased by Timpani Capital Management LLC

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Timpani Capital Management LLC cut its stake in shares of RingCentral Inc (NYSE:RNG) by 29.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 40,553 shares of the software maker’s stock after selling 17,313 shares during the period. RingCentral accounts for about 2.1% of Timpani Capital Management LLC’s investment portfolio, making the stock its 11th biggest holding. Timpani Capital Management LLC’s holdings in RingCentral were worth $4,372,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of RNG. Neuburgh Advisers LLC bought a new stake in RingCentral in the 4th quarter valued at $25,000. Ffcm LLC bought a new stake in shares of RingCentral in the 4th quarter worth about $27,000. CX Institutional bought a new stake in shares of RingCentral in the 1st quarter worth about $36,000. Penserra Capital Management LLC bought a new stake in shares of RingCentral in the 1st quarter worth about $36,000. Finally, Signaturefd LLC increased its holdings in shares of RingCentral by 31.4% in the 1st quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock worth $39,000 after buying an additional 87 shares during the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

RNG opened at $118.75 on Wednesday. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 1.19. The firm has a market cap of $10.07 billion, a price-to-earnings ratio of -2,968.75 and a beta of 0.94. RingCentral Inc has a 52-week low of $64.41 and a 52-week high of $127.00.

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

Several brokerages recently commented on RNG. Stephens reiterated a “hold” rating and set a $95.00 price target on shares of RingCentral in a report on Monday, May 6th. Jefferies Financial Group boosted their price objective on shares of RingCentral from $121.00 to $140.00 in a research report on Tuesday, May 7th. SunTrust Banks boosted their price objective on shares of RingCentral to $140.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Deutsche Bank upped their price target on shares of RingCentral from $125.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Finally, Craig Hallum upped their price target on shares of RingCentral from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. RingCentral has a consensus rating of “Buy” and an average price target of $120.72.

In other news, COO David Sipes sold 8,279 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $103.41, for a total value of $856,131.39. Following the completion of the transaction, the chief operating officer now owns 244,690 shares of the company’s stock, valued at $25,303,392.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 51,923 shares of RingCentral stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $120.87, for a total transaction of $6,275,933.01. Following the completion of the transaction, the chief executive officer now owns 325,018 shares of the company’s stock, valued at approximately $39,284,925.66. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 275,737 shares of company stock valued at $31,227,799. Company insiders own 11.03% of the company’s stock.

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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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