Ladenburg Thalmann Financial Services Inc. lifted its stake in RingCentral (NYSE:RNG) by 143.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,874 shares of the software maker’s stock after acquiring an additional 4,645 shares during the period. Ladenburg Thalmann Financial Services Inc.’s holdings in RingCentral were worth $381,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNG. Crow Point Partners LLC acquired a new position in RingCentral during the 4th quarter valued at about $116,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in RingCentral by 108.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock valued at $161,000 after buying an additional 1,735 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new position in RingCentral during the 4th quarter valued at about $174,000. Parametrica Management Ltd acquired a new position in RingCentral during the 4th quarter valued at about $202,000. Finally, CIBC World Markets Inc. acquired a new position in RingCentral during the 4th quarter valued at about $215,000. 75.76% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Praful Shah sold 10,000 shares of the company’s stock in a transaction dated Wednesday, April 4th. The stock was sold at an average price of $62.10, for a total value of $621,000.00. Following the sale, the insider now owns 305,629 shares in the company, valued at $18,979,560.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO David Sipes sold 9,300 shares of the company’s stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $48.86, for a total value of $454,398.00. The disclosure for this sale can be found here. Insiders sold 196,196 shares of company stock worth $12,434,018 in the last 90 days. Company insiders own 14.53% of the company’s stock.
Shares of RNG stock opened at $63.60 on Monday. The stock has a market capitalization of $5,003.48, a PE ratio of -181.71 and a beta of 0.67. RingCentral has a fifty-two week low of $27.15 and a fifty-two week high of $69.60.
RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The business had revenue of $140.50 million for the quarter, compared to analyst estimates of $136.34 million. RingCentral had a negative return on equity of 16.54% and a negative net margin of 5.21%. The company’s revenue was up 34.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.03 earnings per share. sell-side analysts anticipate that RingCentral will post -0.24 EPS for the current fiscal year.
RingCentral announced that its Board of Directors has approved a share repurchase program on Tuesday, February 27th that authorizes the company to repurchase $35.00 million in outstanding shares. This repurchase authorization authorizes the software maker to buy shares of its stock through a private placement purchase. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
RNG has been the topic of several recent analyst reports. JPMorgan Chase upped their target price on RingCentral from $52.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, February 13th. Stephens reaffirmed a “buy” rating and set a $60.00 target price on shares of RingCentral in a research report on Tuesday, February 13th. Morgan Stanley set a $60.00 target price on RingCentral and gave the company a “hold” rating in a research report on Tuesday, February 13th. Oppenheimer upped their target price on RingCentral from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday, February 13th. Finally, Craig Hallum upped their target price on RingCentral from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $53.79.
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RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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