It is trading at $41.15 a bit higher than the 50 day moving average which is $39.36 and quite a bit above the 200 day moving average of $34.20. The 50 day moving average was up by +4.55% and the 200 day average went up $6.95 or +20.33%. Trading was light with 353K shares changing hands in the last trading session. Volume was down 58.42% under the stocks average daily volume.
Investors are feeling more bullish of late as evidenced by the downtick in short interest. The firm realized a fall in short interest of -11.14% between August 15, 2017 and August 31, 2017. Short shares fell from 1,809,794 to 1,608,128 over that period. With short interest at 1,608,128 and short average daily volume at 625,377, the short-interest ratio is 3.0 and the percentage of shorted shares was 0.02% on August 31.
Ringcentral, Inc. Class A (NYSE:RNG) has been the object of insider selling activity recently. Mitesh Dhruv, CFO disclosed the sale of 3,000 shares of (RNG). The shares were purchased at an average price of $41.37. The CFO now owns $5,713,735 of the stock according to the SEC filing. CEO Vladimir Shmunis let go of 73,000 shares at a price of $42.25 on Wed the 13th. That brings Shmunis’s holdings to $0 as recorded in a recent Form 4 SEC filing.
SVP, CAO & General Counsel John H. Marlow sold 6,000 shares at an average price of $42.43 on September 13th. That brings the SVP, CAO & General Counsel’s holdings to $5,392,895 per an SEC filing yesterday.
These firms have modified their investment in RNG. As of quarter end Hunt Lane Capital Lp had bought a total of 200,000 shares growing its holdings by 14.3%. The value of the investment in (RNG) went from $39,620,000 to $58,480,000 increasing 47.6% for the reporting period. As of the end of the quarter Garelick Capital Partners, Lp had disposed of 359,652 shares trimming its position 43.8%. The value in dollars decreased from $23,255,000 to $16,889,000 a change of 27.4% quarter over quarter.
As of quarter end Chartwell Investment Partners, LLC had acquired 33 shares growing its stake by 0.0%. The value of the investment in RNG increased from $2,623,000 to $3,389,000 a change of $766,000 since the last quarter. Engineers Gate Manager Lp bolstered its investment by buying 9,346 shares an increase of 13.9% as of 06/30/2017. Engineers Gate Manager Lp controls 76,728 shares valued at $2,804,000. The value of the position overall is up by 47.0%.
On August 10 the company was set at “Neutral” in a report from Baird a cut from the previous “Outperform” rating. SunTrust Robinson Humphrey began coverage of RNG setting a rating of “Buy”.
As of the latest earnings report the EPS was $-0.39 and is projected to be $0.17 for the current year with 76,633,000 shares now outstanding. Next quarter’s EPS is forecasted at $0.06 and the next full year EPS is projected to be $0.30.
RingCentral, Inc., launched on August 29, 2013, is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Business’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax. The Business’s products include RingCentral Office, RingCentral Professional, RingCentral Fax, RingCentral Contact Center and RingCentral Glip. RingCentral Office is a multi-user, enterprise-grade communications solution. RingCentral Professional is an inbound call routing subscription with additional text and fax capabilities targeting smaller deployments, and RingCentral Fax is an Internet fax subscription that permits sending and receiving faxes over the Internet..