Selz Capital LLC Sells 11,800 Shares of RingCentral Inc (NYSE:RNG)

Selz Capital LLC cut its stake in shares of RingCentral Inc (NYSE:RNG) by 18.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,200 shares of the software maker’s stock after selling 11,800 shares during the period. RingCentral comprises approximately 1.5% of Selz Capital LLC’s investment portfolio, making the stock its 25th largest holding. Selz Capital LLC’s holdings in RingCentral were worth $8,635,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Sciencast Management LP purchased a new stake in shares of RingCentral in the fourth quarter valued at about $318,000. Fulton Breakefield Broenniman LLC grew its position in RingCentral by 15.7% in the 4th quarter. Fulton Breakefield Broenniman LLC now owns 3,169 shares of the software maker’s stock worth $535,000 after purchasing an additional 430 shares in the last quarter. IFM Investors Pty Ltd bought a new stake in RingCentral in the 4th quarter worth about $1,191,000. NewSquare Capital LLC increased its stake in RingCentral by 15.8% in the 4th quarter. NewSquare Capital LLC now owns 5,487 shares of the software maker’s stock valued at $925,000 after buying an additional 750 shares during the last quarter. Finally, Carroll Financial Associates Inc. purchased a new stake in RingCentral in the 4th quarter valued at about $244,000. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CFO Mitesh Dhruv sold 2,528 shares of RingCentral stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $186.43, for a total value of $471,295.04. Following the completion of the sale, the chief financial officer now owns 256,674 shares of the company’s stock, valued at approximately $47,851,733.82. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Vaibhav Agarwal sold 411 shares of RingCentral stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $167.17, for a total value of $68,706.87. Following the completion of the sale, the chief accounting officer now directly owns 19,535 shares of the company’s stock, valued at approximately $3,265,665.95. The disclosure for this sale can be found here. Insiders have sold a total of 218,266 shares of company stock worth $36,801,373 over the last quarter. Company insiders own 11.03% of the company’s stock.

A number of brokerages have recently weighed in on RNG. Raymond James boosted their target price on RingCentral from $175.00 to $190.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, November 5th. William Blair reiterated a “buy” rating on shares of RingCentral in a report on Wednesday, November 13th. Needham & Company LLC boosted their price objective on RingCentral from $150.00 to $190.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. ValuEngine cut RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Bank of America restated an “average” rating and issued a $198.00 price objective (up previously from $187.00) on shares of RingCentral in a research note on Monday, December 9th. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $164.44.

Shares of NYSE RNG traded up $0.11 during mid-day trading on Thursday, reaching $189.82. 18,405 shares of the company’s stock were exchanged, compared to its average volume of 907,026. The firm has a market capitalization of $15.59 billion, a price-to-earnings ratio of -4,744.75 and a beta of 0.90. RingCentral Inc has a 52 week low of $85.93 and a 52 week high of $190.93. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.85 and a quick ratio of 2.85. The firm has a 50-day moving average price of $170.83 and a two-hundred day moving average price of $150.18.

RingCentral (NYSE:RNG) last released its earnings results on Monday, November 4th. The software maker reported $0.22 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.03. The company had revenue of $233.35 million for the quarter, compared to analysts’ expectations of $221.37 million. RingCentral had a negative return on equity of 1.61% and a negative net margin of 4.06%. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.19 EPS. As a group, sell-side analysts forecast that RingCentral Inc will post -0.09 EPS for the current fiscal year.

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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