Sei Investments Co. decreased its stake in shares of Ringcentral, Inc. (NYSE:RNG) by 9.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,310 shares of the software maker’s stock after selling 2,945 shares during the quarter. Sei Investments Co.’s holdings in Ringcentral were worth $1,182,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Ameritas Investment Partners Inc. increased its position in Ringcentral by 8.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after purchasing an additional 418 shares during the period. ProShare Advisors LLC purchased a new position in Ringcentral during the 2nd quarter valued at about $202,000. Virtu KCG Holdings LLC purchased a new position in Ringcentral during the 2nd quarter valued at about $248,000. Turner Investments LLC purchased a new position in Ringcentral during the 2nd quarter valued at about $256,000. Finally, BT Investment Management Ltd purchased a new position in Ringcentral during the 2nd quarter valued at about $272,000. Institutional investors own 76.43% of the company’s stock.
A number of research firms have commented on RNG. BidaskClub raised shares of Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Oppenheimer raised their target price on shares of Ringcentral from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday. Craig Hallum reissued a “buy” rating and set a $50.00 target price (up previously from $40.00) on shares of Ringcentral in a research report on Thursday, November 9th. Northland Securities reissued a “buy” rating and set a $46.00 target price on shares of Ringcentral in a research report on Friday, November 10th. Finally, Jefferies Group reissued a “buy” rating and set a $48.00 target price on shares of Ringcentral in a research report on Thursday, October 19th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $44.62.
Shares of Ringcentral, Inc. (NYSE RNG) traded up $2.85 during trading on Friday, hitting $48.20. 1,020,900 shares of the stock were exchanged, compared to its average volume of 664,270. 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 data on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The firm had revenue of $129.76 million for the quarter, compared to the consensus estimate of $126.06 million. During the same quarter in the previous year, the firm earned $0.03 EPS. The company’s quarterly revenue was up 34.0% compared to the same quarter last year. research analysts forecast that Ringcentral, Inc. will post -0.32 earnings per share for the current year.
In related news, CEO Vladimir Shmunis sold 73,000 shares of Ringcentral stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $42.25, for a total value of $3,084,250.00. Following the completion of the sale, the chief executive officer now directly owns 355,041 shares in the company, valued at approximately $15,000,482.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO John H. Marlow sold 6,000 shares of Ringcentral stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $42.43, for a total transaction of $254,580.00. Following the completion of the sale, the chief accounting officer now owns 133,101 shares of the company’s stock, valued at $5,647,475.43. The disclosure for this sale can be found here. In the last ninety days, insiders sold 361,576 shares of company stock worth $16,249,722. Insiders own 14.53% of the company’s stock.
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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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