Lord Abbett & CO. LLC grew its position in RingCentral, Inc. (NYSE:RNG) by 3.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,166 shares of the software maker’s stock after acquiring an additional 2,810 shares during the period. Lord Abbett & CO. LLC owned about 0.08% of RingCentral worth $16,784,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of RNG. Global Retirement Partners LLC boosted its holdings in RingCentral by 25.9% during the third quarter. Global Retirement Partners LLC now owns 199 shares of the software maker’s stock worth $43,000 after buying an additional 41 shares in the last quarter. Toronto Dominion Bank increased its position in RingCentral by 0.5% during the third quarter. Toronto Dominion Bank now owns 10,841 shares of the software maker’s stock worth $2,358,000 after purchasing an additional 52 shares during the last quarter. IFM Investors Pty Ltd increased its position in RingCentral by 0.6% during the third quarter. IFM Investors Pty Ltd now owns 10,000 shares of the software maker’s stock worth $2,175,000 after purchasing an additional 58 shares during the last quarter. NEXT Financial Group Inc grew its stake in RingCentral by 17.0% during the third quarter. NEXT Financial Group Inc now owns 454 shares of the software maker’s stock worth $99,000 after buying an additional 66 shares during the period. Finally, Penserra Capital Management LLC grew its stake in RingCentral by 36.3% during the second quarter. Penserra Capital Management LLC now owns 259 shares of the software maker’s stock worth $75,000 after buying an additional 69 shares during the period. 84.42% of the stock is currently owned by institutional investors and hedge funds.
In other RingCentral news, CAO Vaibhav Agarwal sold 100 shares of the firm’s stock in a transaction dated Monday, November 15th. The shares were sold at an average price of $271.79, for a total value of $27,179.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Anand Eswaran sold 5,833 shares of the firm’s stock in a transaction dated Friday, November 26th. The stock was sold at an average price of $224.31, for a total transaction of $1,308,400.23. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 53,212 shares of company stock valued at $12,253,506. Insiders own 7.35% of the company’s stock.
NYSE:RNG opened at $176.61 on Friday. RingCentral, Inc. has a twelve month low of $165.51 and a twelve month high of $449.00. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 30.54. The company has a 50-day moving average of $206.12 and a 200-day moving average of $234.64. The firm has a market cap of $16.28 billion, a price-to-earnings ratio of -62.19 and a beta of 0.68.
RingCentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, November 9th. The software maker reported $0.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.59) by $0.95. RingCentral had a negative net margin of 17.54% and a negative return on equity of 111.17%. The company had revenue of $414.63 million during the quarter, compared to analyst estimates of $393.42 million. During the same quarter last year, the firm posted ($0.24) EPS. On average, research analysts forecast that RingCentral, Inc. will post -1.78 earnings per share for the current year.
RingCentral Company Profile
RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones; and allow for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.
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