New York State Common Retirement Fund lifted its position in Ringcentral, Inc. (NYSE:RNG) by 10.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,800 shares of the software maker’s stock after acquiring an additional 6,199 shares during the period. New York State Common Retirement Fund owned about 0.11% of Ringcentral worth $2,442,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in Ringcentral by 64,315.0% during the first quarter. BlackRock Inc. now owns 3,827,538 shares of the software maker’s stock valued at $108,320,000 after purchasing an additional 3,821,596 shares in the last quarter. FMR LLC grew its position in Ringcentral by 399.9% during the first quarter. FMR LLC now owns 2,073,108 shares of the software maker’s stock valued at $58,668,000 after purchasing an additional 1,658,408 shares in the last quarter. Vanguard Group Inc. grew its position in Ringcentral by 9.4% during the first quarter. Vanguard Group Inc. now owns 5,184,049 shares of the software maker’s stock valued at $146,709,000 after purchasing an additional 446,995 shares in the last quarter. Russell Investments Group Ltd. grew its position in Ringcentral by 403.7% during the second quarter. Russell Investments Group Ltd. now owns 453,773 shares of the software maker’s stock valued at $16,585,000 after purchasing an additional 363,686 shares in the last quarter. Finally, Eagle Asset Management Inc. purchased a new position in Ringcentral during the second quarter valued at approximately $9,906,000. 75.22% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently commented on the stock. Jefferies Group LLC reaffirmed a “buy” rating and set a $48.00 price objective on shares of Ringcentral in a research report on Thursday. Zacks Investment Research downgraded shares of Ringcentral from a “buy” rating to a “hold” rating in a research report on Wednesday, October 18th. Northland Securities reaffirmed an “outperform” rating and set a $46.00 price objective (up from $43.00) on shares of Ringcentral in a research report on Tuesday, October 3rd. BidaskClub raised shares of Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Finally, Robert W. Baird downgraded shares of Ringcentral from an “outperform” rating to a “neutral” rating and boosted their price objective for the company from $38.80 to $41.00 in a research report on Thursday, August 10th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $40.92.
In other Ringcentral news, COO David Sipes sold 13,800 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $38.64, for a total transaction of $533,232.00. Following the completion of the sale, the chief operating officer now owns 291,580 shares of the company’s stock, valued at approximately $11,266,651.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director R Neil Williams sold 22,000 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $39.50, for a total value of $869,000.00. Following the sale, the director now directly owns 6,921 shares of the company’s stock, valued at approximately $273,379.50. The disclosure for this sale can be found here. Insiders have sold a total of 382,106 shares of company stock valued at $15,665,035 in the last ninety days. Insiders own 14.53% of the company’s stock.
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Shares of Ringcentral, Inc. (RNG) opened at 42.55 on Monday. The stock has a 50 day moving average of $42.12 and a 200-day moving average of $36.58. Ringcentral, Inc. has a 52 week low of $19.35 and a 52 week high of $44.95. The firm’s market capitalization is $3.26 billion.
Ringcentral (NYSE:RNG) last released its earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The business had revenue of $119.40 million during the quarter, compared to analysts’ expectations of $118.19 million. During the same period last year, the business earned $0.02 earnings per share. The firm’s revenue was up 30.1% on a year-over-year basis. Equities analysts anticipate that Ringcentral, Inc. will post $0.17 earnings per share for the current fiscal year.
Ringcentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’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.
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