American National Registered Investment Advisor Inc. trimmed its position in RingCentral Inc (NYSE:RNG) by 1.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,126 shares of the software maker’s stock after selling 159 shares during the quarter. American National Registered Investment Advisor Inc.’s holdings in RingCentral were worth $1,199,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. FMR LLC lifted its position in RingCentral by 14.2% during the fourth quarter. FMR LLC now owns 7,227,409 shares of the software maker’s stock worth $595,828,000 after buying an additional 898,876 shares in the last quarter. Vanguard Group Inc raised its position in RingCentral by 1.1% in the third quarter. Vanguard Group Inc now owns 6,751,585 shares of the software maker’s stock valued at $628,235,000 after purchasing an additional 71,110 shares during the period. Whale Rock Capital Management LLC raised its position in RingCentral by 7.3% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,532,364 shares of the software maker’s stock valued at $126,328,000 after purchasing an additional 104,756 shares during the period. Columbus Circle Investors raised its position in RingCentral by 3.6% in the first quarter. Columbus Circle Investors now owns 1,018,447 shares of the software maker’s stock valued at $109,789,000 after purchasing an additional 35,385 shares during the period. Finally, JPMorgan Chase & Co. raised its position in RingCentral by 6.4% in the third quarter. JPMorgan Chase & Co. now owns 992,948 shares of the software maker’s stock valued at $92,393,000 after purchasing an additional 59,673 shares during the period. Hedge funds and other institutional investors own 81.95% of the company’s stock.
RNG has been the topic of a number of research analyst reports. Zacks Investment Research downgraded RingCentral from a “buy” rating to a “hold” rating in a research report on Saturday, February 16th. Bank of America reiterated a “buy” rating and issued a $110.00 price objective (up previously from $93.00) on shares of RingCentral in a report on Thursday, February 7th. Jefferies Financial Group boosted their price objective on RingCentral from $105.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, February 12th. Northland Securities boosted their target price on RingCentral from $124.00 to $148.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 7th. Finally, Raymond James boosted their target price on RingCentral from $116.00 to $140.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, May 7th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. RingCentral presently has a consensus rating of “Buy” and an average target price of $120.72.
Shares of NYSE RNG traded down $3.06 during trading hours on Wednesday, reaching $119.10. The stock had a trading volume of 501,500 shares, compared to its average volume of 927,624. The stock has a market cap of $9.83 billion, a PE ratio of -2,977.50 and a beta of 0.95. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 1.19. RingCentral Inc has a fifty-two week low of $64.41 and a fifty-two week high of $125.27.
RingCentral (NYSE:RNG) last announced its earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.16). The firm had revenue of $201.50 million during the quarter, compared to analyst estimates of $193.54 million. RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.73%. The firm’s revenue for the quarter was up 34.1% compared to the same quarter last year. During the same period last year, the company earned $0.16 earnings per share. Sell-side analysts anticipate that RingCentral Inc will post -0.43 earnings per share for the current year.
In other RingCentral news, CFO Mitesh Dhruv sold 3,343 shares of the company’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $105.34, for a total transaction of $352,151.62. Following the completion of the sale, the chief financial officer now directly owns 137,710 shares of the company’s stock, valued at approximately $14,506,371.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 50,700 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $105.11, for a total value of $5,329,077.00. Following the sale, the chief executive officer now directly owns 245,623 shares of the company’s stock, valued at $25,817,433.53. The disclosure for this sale can be found here. Over the last three months, insiders sold 341,592 shares of company stock valued at $37,186,372. Insiders own 11.03% of the company’s stock.
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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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