Stephens Investment Management Group LLC boosted its holdings in RingCentral Inc (NYSE:RNG) by 101.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 207,874 shares of the software maker’s stock after purchasing an additional 104,609 shares during the quarter. Stephens Investment Management Group LLC owned about 0.25% of RingCentral worth $23,889,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Signaturefd LLC boosted its holdings in RingCentral by 31.4% in 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. Sheets Smith Wealth Management lifted its stake in RingCentral by 4.0% in the first quarter. Sheets Smith Wealth Management now owns 4,305 shares of the software maker’s stock valued at $464,000 after buying an additional 166 shares during the last quarter. Baldwin Brothers Inc. MA lifted its stake in RingCentral by 90.0% in the second quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock valued at $44,000 after buying an additional 180 shares during the last quarter. Bailard Inc. lifted its stake in RingCentral by 1.3% in the second quarter. Bailard Inc. now owns 25,325 shares of the software maker’s stock valued at $2,910,000 after buying an additional 325 shares during the last quarter. Finally, Penserra Capital Management LLC purchased a new stake in RingCentral in the first quarter valued at approximately $36,000. 81.54% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO Vladimir Shmunis sold 16,901 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $123.20, for a total transaction of $2,082,203.20. Following the completion of the sale, the chief executive officer now owns 325,018 shares in the company, valued at $40,042,217.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Praful Shah sold 5,456 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $121.09, for a total value of $660,667.04. Following the sale, the insider now owns 269,657 shares of the company’s stock, valued at approximately $32,652,766.13. The disclosure for this sale can be found here. Insiders have sold 345,041 shares of company stock valued at $42,137,188 in the last 90 days. Company insiders own 11.03% of the company’s stock.
RingCentral (NYSE:RNG) last released 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. RingCentral had a negative return on equity of 1.13% and a negative net margin of 3.95%. The business had revenue of $215.20 million during the quarter, compared to analysts’ expectations of $204.70 million. During the same quarter in the prior year, the business earned $0.19 earnings per share. The company’s quarterly revenue was up 33.8% compared to the same quarter last year. As a group, research analysts anticipate that RingCentral Inc will post -0.13 earnings per share for the current fiscal year.
RNG has been the subject of a number of research reports. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $129.00 price objective for the company in a research note on Thursday, July 4th. Jefferies Financial Group boosted their price objective on RingCentral from $140.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Needham & Company LLC reiterated a “buy” rating and issued a $150.00 price objective (up previously from $140.00) on shares of RingCentral in a research note on Tuesday, July 30th. Deutsche Bank boosted their price objective on RingCentral from $125.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Finally, Bank of America boosted their price objective on RingCentral from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $135.94.
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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