Ringcentral, Inc. (RNG) Position Cut by Pitcairn Co.
Pitcairn Co. cut its stake in shares of Ringcentral, Inc. (NYSE:RNG) by 18.7% during the second quarter, Holdings Channel reports. The firm owned 6,841 shares of the software maker’s stock after selling 1,576 shares during the period. Pitcairn Co.’s holdings in Ringcentral were worth $250,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. BlackRock Inc. raised its position in Ringcentral by 64,315.0% in the first quarter. BlackRock Inc. now owns 3,827,538 shares of the software maker’s stock valued at $108,320,000 after buying an additional 3,821,596 shares during the period. FMR LLC raised its position in Ringcentral by 399.9% in the first quarter. FMR LLC now owns 2,073,108 shares of the software maker’s stock valued at $58,668,000 after buying an additional 1,658,408 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in Ringcentral during the first quarter valued at approximately $15,197,000. Vanguard Group Inc. raised its position in Ringcentral by 9.4% in the first quarter. Vanguard Group Inc. now owns 5,184,049 shares of the software maker’s stock valued at $146,709,000 after buying an additional 446,995 shares during the period. Finally, Russell Investments Group Ltd. raised its position in Ringcentral by 403.7% in the second quarter. Russell Investments Group Ltd. now owns 453,773 shares of the software maker’s stock valued at $16,585,000 after buying an additional 363,686 shares during the period. 69.73% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Ringcentral, Inc. (NYSE RNG) opened at 38.15 on Friday. The firm’s market cap is $2.92 billion. Ringcentral, Inc. has a 52 week low of $19.35 and a 52 week high of $43.05. The stock’s 50 day moving average is $36.37 and its 200 day moving average is $31.53.
Ringcentral (NYSE:RNG) last released its earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01. The company had revenue of $119.40 million during the quarter, compared to the consensus estimate of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The company’s revenue was up 30.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.02 EPS. On average, equities research analysts predict that Ringcentral, Inc. will post $0.17 earnings per share for the current fiscal year.
Several equities analysts have issued reports on RNG shares. Dougherty & Co started coverage on Ringcentral in a report on Wednesday, April 26th. They set a “buy” rating and a $36.00 price objective on the stock. Morgan Stanley lowered Ringcentral from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $37.00 to $33.00 in a report on Thursday, July 20th. They noted that the move was a valuation call. SunTrust Banks, Inc. started coverage on Ringcentral in a report on Monday, June 26th. They set a “buy” rating and a $47.00 price objective on the stock. Jefferies Group LLC reaffirmed a “buy” rating and set a $38.00 price objective on shares of Ringcentral in a report on Sunday, July 2nd. Finally, BidaskClub lowered Ringcentral from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. One 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’s stock. The company currently has an average rating of “Buy” and an average price target of $39.17.
In other news, Director R Neil Williams sold 22,000 shares of the business’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $39.50, for a total value of $869,000.00. Following the completion of the sale, the director now owns 6,921 shares of the company’s stock, valued at approximately $273,379.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO John H. Marlow sold 3,000 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $34.10, for a total transaction of $102,300.00. The disclosure for this sale can be found here. Insiders sold a total of 370,251 shares of company stock valued at $13,175,895 in the last three months. Insiders own 14.53% of the company’s stock.
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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