O Shares Investment Advisers LLC decreased its holdings in shares of RingCentral Inc (NYSE:RNG) by 14.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,808 shares of the software maker’s stock after selling 654 shares during the quarter. O Shares Investment Advisers LLC’s holdings in RingCentral were worth $438,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in RNG. Penserra Capital Management LLC purchased a new stake in RingCentral during the first quarter valued at $36,000. Signaturefd LLC raised its stake in RingCentral by 31.4% during the first quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock valued at $39,000 after purchasing an additional 87 shares in the last quarter. Baldwin Brothers Inc. MA raised its stake in RingCentral by 90.0% during the second quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock valued at $44,000 after purchasing an additional 180 shares in the last quarter. Glen Harbor Capital Management LLC raised its stake in RingCentral by 140.0% during the second quarter. Glen Harbor Capital Management LLC now owns 384 shares of the software maker’s stock valued at $44,000 after purchasing an additional 224 shares in the last quarter. Finally, Tyers Asset Management LLC raised its stake in RingCentral by 140.0% during the second quarter. Tyers Asset Management LLC now owns 528 shares of the software maker’s stock valued at $61,000 after purchasing an additional 308 shares in the last quarter. 82.22% of the stock is currently owned by institutional investors.
RNG stock traded up $3.24 during trading on Tuesday, hitting $129.61. The company had a trading volume of 6,817 shares, compared to its average volume of 728,857. The firm has a market capitalization of $10.55 billion, a P/E ratio of -3,243.75 and a beta of 0.87. RingCentral Inc has a 52-week low of $64.41 and a 52-week high of $146.38. The company has a 50 day simple moving average of $137.31 and a 200-day simple moving average of $120.13. The company has a quick ratio of 2.99, a current ratio of 2.99 and a debt-to-equity ratio of 1.13.
RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, July 29th. The software maker reported ($0.03) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.13. The company had revenue of $215.20 million for the quarter, compared to the consensus estimate of $204.70 million. RingCentral had a negative net margin of 3.95% and a negative return on equity of 1.13%. The firm’s revenue was up 33.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.19 EPS. Sell-side analysts forecast that RingCentral Inc will post -0.13 earnings per share for the current year.
In related news, insider Praful Shah sold 5,016 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $115.33, for a total value of $578,495.28. Following the transaction, the insider now owns 257,763 shares of the company’s stock, valued at approximately $29,727,806.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO John H. Marlow sold 16,001 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $124.55, for a total transaction of $1,992,924.55. Following the completion of the transaction, the chief accounting officer now directly owns 167,309 shares in the company, valued at approximately $20,838,335.95. The disclosure for this sale can be found here. Insiders sold a total of 408,986 shares of company stock worth $55,074,381 in the last ninety days. 11.03% of the stock is currently owned by insiders.
Several equities research analysts have recently weighed in on the stock. Craig Hallum increased their target price on shares of RingCentral from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $129.00 target price on the stock in a research note on Thursday, July 4th. Needham & Company LLC reissued a “buy” rating and issued a $150.00 target price (up previously from $140.00) on shares of RingCentral in a research note on Tuesday, July 30th. Oppenheimer increased their target price on shares of RingCentral from $130.00 to $155.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Finally, Bank of America increased their target price on shares of RingCentral from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. RingCentral presently has an average rating of “Buy” and an average target price of $135.94.
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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