EAM Investors LLC reduced its position in Ringcentral, Inc. (NYSE:RNG) by 23.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 64,656 shares of the software maker’s stock after selling 19,483 shares during the period. EAM Investors LLC owned about 0.08% of Ringcentral worth $2,699,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. grew its position in Ringcentral by 64,315.0% in the 1st quarter. BlackRock Inc. now owns 3,827,538 shares of the software maker’s stock worth $108,320,000 after purchasing an additional 3,821,596 shares during the period. Capital World Investors grew its position in shares of Ringcentral by 23.9% during the 2nd quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock valued at $241,193,000 after acquiring an additional 1,275,000 shares during the period. Whale Rock Capital Management LLC bought a new stake in shares of Ringcentral during the 2nd quarter valued at $39,450,000. FMR LLC grew its position in shares of Ringcentral by 40.1% during the 2nd quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock valued at $106,193,000 after acquiring an additional 832,314 shares during the period. Finally, Southpoint Capital Advisors LP bought a new stake in shares of Ringcentral during the 2nd quarter valued at $18,275,000. Institutional investors own 76.43% of the company’s stock.
A number of research analysts recently weighed in on RNG shares. Dougherty & Co restated a “buy” rating and set a $40.00 target price (up previously from $36.00) on shares of Ringcentral in a research note on Wednesday, August 9th. Robert W. Baird cut shares of Ringcentral from an “outperform” rating to a “neutral” rating and lifted their target price for the company from $38.80 to $41.00 in a research note on Thursday, August 10th. BidaskClub upgraded shares of Ringcentral from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Northland Securities reiterated an “outperform” rating and issued a $46.00 price target (up previously from $43.00) on shares of Ringcentral in a research note on Tuesday, October 3rd. Finally, Zacks Investment Research upgraded shares of Ringcentral from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Wednesday, October 4th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $44.62.
In other news, insider Praful Shah sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $41.08, for a total transaction of $410,800.00. Following the transaction, the insider now directly owns 310,176 shares in the company, valued at $12,742,030.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO David Sipes sold 15,270 shares of the stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $49.06, for a total transaction of $749,146.20. Following the sale, the chief operating officer now directly owns 280,781 shares of the company’s stock, valued at approximately $13,775,115.86. The disclosure for this sale can be found here. Insiders sold a total of 361,576 shares of company stock worth $16,249,722 over the last 90 days. Insiders own 14.53% of the company’s stock.
Shares of Ringcentral, Inc. (NYSE RNG) traded up $2.85 during midday trading on Thursday, hitting $48.20. 1,020,993 shares of the stock traded hands, compared to its average volume of 664,220. Ringcentral, Inc. has a 52-week low of $20.55 and a 52-week high of $49.95.
Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.06 EPS for the quarter, beating the consensus estimate of $0.04 by $0.02. The company had revenue of $129.76 million for the quarter, compared to the consensus estimate of $126.06 million. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The firm’s revenue was up 34.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 EPS. sell-side analysts anticipate that Ringcentral, Inc. will post -0.32 earnings per share for the current fiscal year.
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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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