Ringcentral, Inc. (RNG) Holdings Reduced by Formula Growth Ltd.
Formula Growth Ltd. cut its holdings in shares of Ringcentral, Inc. (NYSE:RNG) by 4.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 111,381 shares of the software maker’s stock after selling 5,000 shares during the quarter. Formula Growth Ltd. owned approximately 0.15% of Ringcentral worth $4,650,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of RNG. Capital World Investors raised its holdings in Ringcentral by 23.9% during the second quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock valued at $241,193,000 after acquiring an additional 1,275,000 shares during the period. Whale Rock Capital Management LLC bought a new stake in Ringcentral during the second quarter valued at about $39,450,000. FMR LLC raised its holdings in Ringcentral by 40.1% during the second quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock valued at $106,193,000 after acquiring an additional 832,314 shares during the period. Southpoint Capital Advisors LP bought a new stake in Ringcentral during the second quarter valued at about $18,275,000. Finally, BlackRock Inc. raised its holdings in Ringcentral by 11.6% during the second quarter. BlackRock Inc. now owns 4,272,844 shares of the software maker’s stock valued at $156,173,000 after acquiring an additional 445,306 shares during the period. 76.50% of the stock is currently owned by institutional investors and hedge funds.
Shares of Ringcentral, Inc. (NYSE:RNG) traded down $0.90 during mid-day trading on Friday, hitting $46.25. The stock had a trading volume of 519,320 shares, compared to its average volume of 663,985. Ringcentral, Inc. has a 1 year low of $19.95 and a 1 year high of $49.95.
Ringcentral (NYSE:RNG) last issued its earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. Ringcentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The firm had revenue of $129.76 million for the quarter, compared to analysts’ expectations of $126.06 million. During the same period in the previous year, the firm posted $0.03 earnings per share. The business’s revenue was up 34.0% compared to the same quarter last year. research analysts anticipate that Ringcentral, Inc. will post -0.33 EPS for the current fiscal year.
In other Ringcentral news, COO David Sipes sold 7,800 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $42.11, for a total transaction of $328,458.00. Following the sale, the chief operating officer now directly owns 293,380 shares of the company’s stock, valued at $12,354,231.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 73,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $42.25, for a total value of $3,084,250.00. Following the sale, the chief executive officer now directly owns 355,041 shares in the company, valued at $15,000,482.25. The disclosure for this sale can be found here. Insiders sold 361,576 shares of company stock worth $16,249,722 over the last ninety days. Insiders own 14.53% of the company’s stock.
A number of equities research analysts have commented on the company. Zacks Investment Research cut Ringcentral from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. Northland Securities reissued a “buy” rating and set a $46.00 price target on shares of Ringcentral in a report on Friday, November 10th. Craig Hallum reaffirmed a “buy” rating and issued a $50.00 target price (up from $40.00) on shares of Ringcentral in a report on Thursday, November 9th. Oppenheimer lifted their target price on Ringcentral from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, November 9th. Finally, Bank of America lifted their target price on Ringcentral from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $44.15.
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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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