RingCentral Inc (RNG) Position Increased by Raymond James & Associates
Raymond James & Associates increased its holdings in shares of RingCentral Inc (NYSE:RNG) by 41.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 126,061 shares of the software maker’s stock after buying an additional 37,105 shares during the quarter. Raymond James & Associates owned 0.16% of RingCentral worth $8,868,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. OppenheimerFunds Inc. lifted its position in shares of RingCentral by 22.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 792,971 shares of the software maker’s stock worth $55,786,000 after buying an additional 145,343 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of RingCentral by 3.4% during the 2nd quarter. Renaissance Technologies LLC now owns 1,944,403 shares of the software maker’s stock worth $136,789,000 after buying an additional 63,903 shares during the last quarter. BlueMountain Capital Management LLC lifted its position in shares of RingCentral by 362.0% during the 2nd quarter. BlueMountain Capital Management LLC now owns 90,563 shares of the software maker’s stock worth $6,371,000 after buying an additional 70,962 shares during the last quarter. United Services Automobile Association lifted its position in shares of RingCentral by 19.7% during the 2nd quarter. United Services Automobile Association now owns 12,552 shares of the software maker’s stock worth $883,000 after buying an additional 2,067 shares during the last quarter. Finally, Berkshire Capital Holdings Inc. bought a new stake in shares of RingCentral during the 2nd quarter worth $5,504,000. Institutional investors and hedge funds own 77.61% of the company’s stock.
RNG has been the subject of several recent analyst reports. Jefferies Financial Group upped their price objective on RingCentral to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, September 5th. SunTrust Banks upped their price objective on RingCentral to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Bank of America upped their price objective on RingCentral from $86.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. JPMorgan Chase & Co. restated a “neutral” rating and set a $84.00 price objective on shares of RingCentral in a research report on Friday, June 15th. Finally, Oppenheimer upped their price objective on RingCentral from $79.00 to $92.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 19th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $88.36.
RingCentral (NYSE:RNG) last issued its earnings results on Monday, August 6th. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.04. RingCentral had a negative return on equity of 5.93% and a negative net margin of 3.92%. The business had revenue of $160.83 million during the quarter, compared to analysts’ expectations of $155.71 million. During the same quarter in the prior year, the firm earned $0.04 EPS. The business’s revenue for the quarter was up 34.1% compared to the same quarter last year. analysts anticipate that RingCentral Inc will post -0.14 EPS for the current fiscal year.
In other news, COO David Sipes sold 9,300 shares of the stock in a transaction dated Wednesday, July 25th. The stock was sold at an average price of $81.13, for a total value of $754,509.00. Following the completion of the sale, the chief operating officer now owns 299,695 shares of the company’s stock, valued at $24,314,255.35. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 50,698 shares of the stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $95.87, for a total value of $4,860,417.26. Following the completion of the sale, the chief executive officer now directly owns 315,671 shares of the company’s stock, valued at approximately $30,263,378.77. The disclosure for this sale can be found here. In the last ninety days, insiders sold 190,992 shares of company stock valued at $17,667,965. Insiders own 11.99% of the company’s stock.
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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