Granite Point Capital Management L.P. decreased its position in RingCentral Inc (NYSE:RNG) by 15.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,325 shares of the software maker’s stock after selling 2,200 shares during the quarter. Granite Point Capital Management L.P.’s holdings in RingCentral were worth $597,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of RingCentral by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 5,335,616 shares of the software maker’s stock valued at $195,017,000 after buying an additional 151,567 shares during the last quarter. State Street Corp boosted its stake in shares of RingCentral by 7.3% during the 2nd quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock valued at $45,824,000 after buying an additional 85,404 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of RingCentral by 2.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,216,115 shares of the software maker’s stock valued at $48,828,000 after buying an additional 27,040 shares during the last quarter. Northern Trust Corp boosted its stake in shares of RingCentral by 11.8% during the 2nd quarter. Northern Trust Corp now owns 797,090 shares of the software maker’s stock valued at $29,134,000 after buying an additional 83,918 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of RingCentral by 3.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 469,410 shares of the software maker’s stock valued at $19,597,000 after buying an additional 15,637 shares during the last quarter. 75.37% of the stock is owned by institutional investors.
In other RingCentral news, CAO John H. Marlow sold 1,945 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $48.65, for a total value of $94,624.25. Following the sale, the chief accounting officer now directly owns 120,373 shares of the company’s stock, valued at $5,856,146.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mitesh Dhruv sold 3,000 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $48.22, for a total value of $144,660.00. Following the completion of the sale, the chief financial officer now directly owns 129,087 shares in the company, valued at $6,224,575.14. The disclosure for this sale can be found here. Insiders sold 230,934 shares of company stock worth $11,112,262 over the last ninety days. 14.53% of the stock is owned by corporate insiders.
RingCentral Inc (NYSE RNG) opened at $57.15 on Wednesday. RingCentral Inc has a one year low of $22.55 and a one year high of $58.70. The stock has a market capitalization of $4,126.68, a price-to-earnings ratio of -168.08 and a beta of 0.87.
RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. RingCentral had a negative return on equity of 17.15% and a negative net margin of 5.21%. The firm had revenue of $140.50 million for the quarter, compared to analysts’ expectations of $136.34 million. During the same period last year, the business posted $0.03 earnings per share. The firm’s revenue for the quarter was up 34.4% on a year-over-year basis. sell-side analysts forecast that RingCentral Inc will post -0.28 EPS for the current fiscal year.
RNG has been the subject of several research analyst reports. Bank of America increased their target price on RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Tuesday, November 14th. Northland Securities restated a “buy” rating and set a $46.00 price objective on shares of RingCentral in a research note on Friday, November 10th. JPMorgan Chase & Co. cut RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 price objective on the stock. in a research note on Tuesday, December 12th. Finally, Oppenheimer raised their price objective on RingCentral from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 6th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $53.79.
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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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