PDT Partners LLC Acquires 1,091 Shares of Ringcentral, Inc. (RNG)
PDT Partners LLC boosted its holdings in shares of Ringcentral, Inc. (NYSE:RNG) by 0.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 200,705 shares of the software maker’s stock after buying an additional 1,091 shares during the quarter. PDT Partners LLC owned 0.26% of Ringcentral worth $7,336,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Sei Investments Co. raised its position in Ringcentral by 66.1% during the 2nd quarter. Sei Investments Co. now owns 31,255 shares of the software maker’s stock worth $1,142,000 after buying an additional 12,442 shares during the last quarter. Suntrust Banks Inc. purchased a new position in Ringcentral during the 1st quarter worth approximately $267,000. Vanguard Group Inc. raised its position in Ringcentral by 9.4% during the 1st quarter. Vanguard Group Inc. now owns 5,184,049 shares of the software maker’s stock worth $146,709,000 after buying an additional 446,995 shares during the last quarter. SG Americas Securities LLC purchased a new position in Ringcentral during the 2nd quarter worth approximately $1,173,000. Finally, Federated Investors Inc. PA raised its position in Ringcentral by 58.3% during the 2nd quarter. Federated Investors Inc. PA now owns 164,268 shares of the software maker’s stock worth $6,004,000 after buying an additional 60,468 shares during the last quarter. 75.22% of the stock is owned by institutional investors.
Ringcentral, Inc. (NYSE RNG) traded up 3.99% during midday trading on Friday, reaching $41.75. 566,533 shares of the company were exchanged. Ringcentral, Inc. has a 52-week low of $19.35 and a 52-week high of $43.05. The company’s market capitalization is $3.20 billion. The company has a 50 day moving average of $39.36 and a 200-day moving average of $34.20.
Ringcentral (NYSE:RNG) last released its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The business had revenue of $119.40 million during the quarter, compared to analysts’ expectations of $118.19 million. During the same quarter in the prior year, the business earned $0.02 earnings per share. The company’s quarterly revenue was up 30.1% compared to the same quarter last year. On average, equities research analysts anticipate that Ringcentral, Inc. will post $0.17 earnings per share for the current fiscal year.
In other Ringcentral news, CAO John H. Marlow sold 11,000 shares of the stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $35.80, for a total value of $393,800.00. Following the completion of the transaction, the chief accounting officer now owns 138,830 shares in the company, valued at $4,970,114. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 73,000 shares of the stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $36.87, for a total value 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 approximately $13,090,361.67. The disclosure for this sale can be found here. Insiders have sold 358,998 shares of company stock valued at $14,057,990 in the last 90 days. Company insiders own 14.53% of the company’s stock.
RNG has been the subject of a number of recent research reports. BidaskClub lowered shares of Ringcentral from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Summit Redstone reaffirmed a “buy” rating and set a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Northland Securities set a $43.00 price objective on shares of Ringcentral and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Robert W. Baird cut shares of Ringcentral from an “outperform” rating to a “neutral” rating and raised their price objective for the stock from $38.80 to $41.00 in a research note on Thursday, August 10th. Finally, Dougherty & Co raised their price objective on shares of Ringcentral from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $39.17.
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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