Thompson Davis & CO. Inc. cut its holdings in Ringcentral, Inc. (NYSE:RNG) by 50.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,250 shares of the software maker’s stock after selling 5,251 shares during the period. Thompson Davis & CO. Inc.’s holdings in Ringcentral were worth $219,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of RNG. Ameritas Investment Partners Inc. boosted its holdings in Ringcentral by 8.3% in the second quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock worth $200,000 after purchasing an additional 418 shares in the last quarter. ProShare Advisors LLC bought a new stake in Ringcentral in the second quarter worth $202,000. Amalgamated Bank bought a new stake in Ringcentral in the first quarter worth $203,000. Principal Financial Group Inc. bought a new stake in Ringcentral in the first quarter worth $237,000. Finally, Virtu KCG Holdings LLC bought a new stake in Ringcentral in the second quarter worth $248,000. Hedge funds and other institutional investors own 75.04% of the company’s stock.
Ringcentral (NYSE:RNG) last issued its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, topping 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 quarter in the previous year, the company earned $0.02 EPS. The business’s revenue was up 30.1% on a year-over-year basis.
A number of research firms have issued reports on RNG. Zacks Investment Research cut shares of Ringcentral from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. BidaskClub cut shares of Ringcentral from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Summit Redstone restated a “buy” rating and set a $40.00 price target (up from $36.00) on shares of Ringcentral in a report on Thursday, August 3rd. Northland Securities set a $43.00 price target on shares of Ringcentral and gave the company a “buy” rating in a report on Thursday, August 3rd. Finally, Robert W. Baird cut shares of Ringcentral from an “outperform” rating to a “neutral” rating and upped their price target for the company from $38.80 to $41.00 in a report on Thursday, August 10th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $42.77.
In other news, COO David Sipes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $44.00, for a total value of $66,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO John H. Marlow sold 7,946 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $39.20, for a total transaction of $311,483.20. Following the completion of the transaction, the chief accounting officer now owns 135,047 shares of the company’s stock, valued at $5,293,842.40. The disclosure for this sale can be found here. Insiders sold a total of 382,106 shares of company stock valued at $15,665,035 in the last quarter. Corporate insiders own 14.53% of the company’s stock.
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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