Massachusetts Financial Services Co. MA Sells 156,836 Shares of RingCentral (RNG)

Massachusetts Financial Services Co. MA trimmed its position in RingCentral (NYSE:RNG) by 26.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 438,141 shares of the software maker’s stock after selling 156,836 shares during the period. Massachusetts Financial Services Co. MA owned about 0.56% of RingCentral worth $27,822,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Fox Run Management L.L.C. purchased a new position in RingCentral in the 4th quarter valued at about $576,000. Schwab Charles Investment Management Inc. lifted its holdings in RingCentral by 7.9% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 309,944 shares of the software maker’s stock valued at $15,002,000 after purchasing an additional 22,564 shares in the last quarter. Two Sigma Advisers LP increased its stake in shares of RingCentral by 2.6% during the 4th quarter. Two Sigma Advisers LP now owns 389,638 shares of the software maker’s stock valued at $18,858,000 after acquiring an additional 9,739 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of RingCentral by 108.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock valued at $161,000 after acquiring an additional 1,735 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in shares of RingCentral by 143.9% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,874 shares of the software maker’s stock valued at $381,000 after acquiring an additional 4,645 shares during the last quarter. Institutional investors own 75.02% of the company’s stock.

RNG opened at $76.90 on Friday. The company has a market cap of $5.79 billion, a P/E ratio of -219.71 and a beta of 0.67. RingCentral has a 1 year low of $73.55 and a 1 year high of $75.25. The company has a debt-to-equity ratio of 1.29, a current ratio of 4.71 and a quick ratio of 4.71.

RingCentral (NYSE:RNG) last posted its earnings results on Wednesday, May 9th. The software maker reported $0.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.04. The firm had revenue of $150.00 million during the quarter, compared to the consensus estimate of $145.41 million. RingCentral had a negative net margin of 3.99% and a negative return on equity of 9.90%. The company’s revenue was up 33.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. analysts expect that RingCentral will post -0.2 earnings per share for the current year.

RingCentral announced that its Board of Directors has initiated a stock buyback plan on Tuesday, February 27th that permits the company to repurchase $35.00 million in shares. This repurchase authorization permits the software maker to reacquire shares of its stock through a private placement purchase. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

In related news, COO David Sipes sold 9,300 shares of the stock in a transaction that occurred on Wednesday, April 18th. The shares were sold at an average price of $68.86, for a total transaction of $640,398.00. Following the completion of the sale, the chief operating officer now owns 317,520 shares of the company’s stock, valued at approximately $21,864,427.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 24,055 shares of the stock in a transaction that occurred on Thursday, April 12th. The stock was sold at an average price of $66.14, for a total transaction of $1,590,997.70. Following the sale, the chief executive officer now directly owns 376,840 shares of the company’s stock, valued at approximately $24,924,197.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 225,269 shares of company stock valued at $14,582,112. Corporate insiders own 11.99% of the company’s stock.

A number of research firms have recently commented on RNG. Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research note on Wednesday. Jefferies Group upped their price objective on shares of RingCentral from $81.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, May 10th. Craig Hallum upped their price objective on shares of RingCentral from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, May 10th. SunTrust Banks upped their price objective on shares of RingCentral to $80.00 and gave the company a “buy” rating in a research note on Thursday, May 10th. Finally, JPMorgan Chase upped their price objective on shares of RingCentral to $76.00 and gave the company a “neutral” rating in a research note on Thursday, May 10th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $65.62.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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