Rhumbline Advisers trimmed its position in shares of RingCentral Inc (NYSE:RNG) by 0.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 67,098 shares of the software maker’s stock after selling 313 shares during the period. Rhumbline Advisers owned about 0.08% of RingCentral worth $7,233,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. FMR LLC increased its position in RingCentral by 14.2% during the 4th quarter. FMR LLC now owns 7,227,409 shares of the software maker’s stock worth $595,828,000 after purchasing an additional 898,876 shares in the last quarter. Norges Bank acquired a new stake in RingCentral in the 4th quarter worth about $53,247,000. Eagle Asset Management Inc. boosted its stake in RingCentral by 294.0% in the 1st quarter. Eagle Asset Management Inc. now owns 683,008 shares of the software maker’s stock worth $73,628,000 after buying an additional 509,661 shares during the last quarter. Macquarie Group Ltd. boosted its stake in RingCentral by 289.7% in the 4th quarter. Macquarie Group Ltd. now owns 662,781 shares of the software maker’s stock worth $54,640,000 after buying an additional 492,686 shares during the last quarter. Finally, Polar Capital LLP boosted its stake in RingCentral by 131.1% in the 4th quarter. Polar Capital LLP now owns 594,436 shares of the software maker’s stock worth $49,005,000 after buying an additional 337,241 shares during the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.
In other news, CEO Vladimir Shmunis sold 50,700 shares of the stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $103.72, for a total value of $5,258,604.00. Following the completion of the transaction, the chief executive officer now directly owns 245,623 shares of the company’s stock, valued at approximately $25,476,017.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO David Sipes sold 8,279 shares of the stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $103.41, for a total value of $856,131.39. Following the completion of the transaction, the chief operating officer now directly owns 244,690 shares of the company’s stock, valued at $25,303,392.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 344,058 shares of company stock valued at $39,645,506. 11.03% of the stock is currently owned by corporate insiders.
Shares of RingCentral stock traded down $0.12 during trading on Friday, hitting $118.04. The stock had a trading volume of 476,700 shares, compared to its average volume of 812,638. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 1.19. The firm has a market cap of $9.65 billion, a price-to-earnings ratio of -2,951.00 and a beta of 0.94. RingCentral Inc has a fifty-two week low of $64.41 and a fifty-two week high of $127.00.
RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.16). RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.73%. The business had revenue of $201.50 million for the quarter, compared to analyst estimates of $193.54 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The firm’s quarterly revenue was up 34.1% on a year-over-year basis. Analysts anticipate that RingCentral Inc will post -0.43 earnings per share for the current fiscal year.
RNG has been the topic of several research analyst reports. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $125.00 price objective on the stock in a research note on Friday, April 26th. Deutsche Bank boosted their price target on RingCentral from $125.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Craig Hallum boosted their price target on RingCentral from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Jefferies Financial Group lifted their price objective on RingCentral from $121.00 to $140.00 in a report on Tuesday, May 7th. Finally, UBS Group lifted their price objective on RingCentral from $117.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $120.72.
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.
Further Reading: Price to Earnings Ratio (PE)
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