RingCentral Inc (RNG) Holdings Cut by California State Teachers Retirement System

California State Teachers Retirement System reduced its stake in shares of RingCentral Inc (NYSE:RNG) by 9.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,952 shares of the software maker’s stock after selling 10,660 shares during the quarter. California State Teachers Retirement System owned 0.13% of RingCentral worth $4,173,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. raised its stake 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 last quarter. ProShare Advisors LLC bought a new stake in shares of RingCentral in the 2nd quarter worth about $202,000. Virtu KCG Holdings LLC bought a new stake in shares of RingCentral in the 2nd quarter worth about $248,000. BT Investment Management Ltd bought a new stake in shares of RingCentral in the 2nd quarter worth about $272,000. Finally, Amalgamated Bank grew its holdings in shares of RingCentral by 11.5% in the 2nd quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock worth $293,000 after purchasing an additional 825 shares during the last quarter. Hedge funds and other institutional investors own 76.29% of the company’s stock.

Several equities research analysts have recently weighed in on RNG shares. Northland Securities reaffirmed an “outperform” rating and issued a $46.00 target price (up previously from $43.00) on shares of RingCentral in a report on Tuesday, October 3rd. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a report on Wednesday, October 4th. Jefferies Group reissued a “buy” rating and set a $48.00 price objective on shares of RingCentral in a report on Thursday, October 19th. Bank of America upped their target price on shares of RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Finally, Oppenheimer upped their target price on shares of RingCentral from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Thursday, November 9th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. RingCentral presently has a consensus rating of “Buy” and an average target price of $45.14.

In other news, CEO Vladimir Shmunis sold 6,000 shares of RingCentral stock in a transaction on Monday, November 20th. The stock was sold at an average price of $48.23, for a total transaction of $289,380.00. Following the completion of the sale, the chief executive officer now owns 355,041 shares of the company’s stock, valued at $17,123,627.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO David Sipes sold 1,500 shares of the business’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $44.00, for a total value of $66,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 229,434 shares of company stock valued at $11,025,382 in the last ninety days. Insiders own 14.53% of the company’s stock.

RingCentral Inc (NYSE RNG) opened at $52.35 on Friday. RingCentral Inc has a 52 week low of $21.35 and a 52 week high of $52.60.

RingCentral (NYSE:RNG) last released its earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $129.76 million during the quarter, compared to analysts’ expectations of $126.06 million. During the same period last year, the business earned $0.03 earnings per share. The firm’s revenue was up 34.0% on a year-over-year basis. equities research analysts forecast that RingCentral Inc will post -0.33 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: “RingCentral Inc (RNG) Holdings Cut by California State Teachers Retirement System” was first published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this news story on another site, it was illegally copied and reposted in violation of international trademark & copyright legislation. The correct version of this news story can be viewed at https://www.dispatchtribunal.com/2018/01/13/ringcentral-inc-rng-position-lowered-by-california-state-teachers-retirement-system.html.

RingCentral 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.

Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply