Lyon Street Capital LLC Has $2.66 Million Stake in Ringcentral, Inc. (RNG)
Lyon Street Capital LLC lowered its holdings in shares of Ringcentral, Inc. (NYSE:RNG) by 4.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 72,696 shares of the software maker’s stock after selling 3,257 shares during the period. Lyon Street Capital LLC owned about 0.09% of Ringcentral worth $2,657,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in RNG. Ameritas Investment Partners Inc. bought a new position in shares of Ringcentral during the first quarter valued at $143,000. Invictus RG bought a new position in shares of Ringcentral during the first quarter valued at $162,000. ProShare Advisors LLC bought a new position in shares of Ringcentral during the second quarter valued at $202,000. Amalgamated Bank bought a new position in shares of Ringcentral during the first quarter valued at $203,000. Finally, Westpac Banking Corp bought a new position in shares of Ringcentral during the first quarter valued at $214,000. 75.22% of the stock is owned by hedge funds and other institutional investors.
In other Ringcentral news, COO David Sipes sold 3,000 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $44.01, for a total value of $132,030.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 73,000 shares of the company’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $36.87, for a total transaction of $2,691,510.00. Following the completion of the transaction, the chief executive officer now owns 355,041 shares of the company’s stock, valued at $13,090,361.67. The disclosure for this sale can be found here. Insiders have sold a total of 364,998 shares of company stock valued at $14,321,180 over the last quarter. 14.53% of the stock is currently owned by company insiders.
Several research firms have recently issued reports on RNG. Northland Securities reaffirmed an “outperform” rating and set a $46.00 price target (up previously from $43.00) on shares of Ringcentral in a research note on Tuesday. Dougherty & Co reaffirmed a “buy” rating and set a $40.00 price target (up previously from $36.00) on shares of Ringcentral in a research note on Wednesday, August 9th. Robert W. Baird downgraded shares of Ringcentral from an “outperform” rating to a “neutral” rating and raised their price target for the company from $38.80 to $41.00 in a research note on Thursday, August 10th. BidaskClub raised shares of Ringcentral from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Finally, Zacks Investment Research raised shares of Ringcentral from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research note on Wednesday. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $40.15.
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Shares of Ringcentral, Inc. (NYSE:RNG) traded down 0.46% during trading on Thursday, reaching $43.70. 142,451 shares of the company were exchanged. The stock has a 50-day moving average price of $40.75 and a 200-day moving average price of $35.28. The stock’s market capitalization is $3.35 billion. Ringcentral, Inc. has a one year low of $19.35 and a one year high of $44.70.
Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.01. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The company had revenue of $119.40 million during the quarter, compared to analyst estimates of $118.19 million. During the same period in the prior year, the business posted $0.02 EPS. The firm’s revenue was up 30.1% compared to the same quarter last year. Analysts forecast that Ringcentral, Inc. will post $0.17 EPS for the current year.
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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