Ringcentral, Inc. (RNG) Shares Bought by Nationwide Fund Advisors
Nationwide Fund Advisors lifted its stake in Ringcentral, Inc. (NYSE:RNG) by 66.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 141,441 shares of the software maker’s stock after buying an additional 56,644 shares during the quarter. Nationwide Fund Advisors owned approximately 0.23% of Ringcentral worth $5,170,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its holdings in shares of Ringcentral by 43.0% in the second quarter. Ameriprise Financial Inc. now owns 107,873 shares of the software maker’s stock worth $3,943,000 after buying an additional 32,446 shares in the last quarter. TIAA CREF Investment Management LLC lifted its holdings in shares of Ringcentral by 5.3% in the second quarter. TIAA CREF Investment Management LLC now owns 491,329 shares of the software maker’s stock worth $17,958,000 after buying an additional 24,663 shares in the last quarter. Teachers Advisors LLC lifted its holdings in shares of Ringcentral by 29.2% in the second quarter. Teachers Advisors LLC now owns 788,851 shares of the software maker’s stock worth $28,833,000 after buying an additional 178,443 shares in the last quarter. Timpani Capital Management LLC lifted its holdings in shares of Ringcentral by 83.6% in the second quarter. Timpani Capital Management LLC now owns 124,977 shares of the software maker’s stock worth $4,568,000 after buying an additional 56,914 shares in the last quarter. Finally, Engineers Gate Manager LP lifted its holdings in shares of Ringcentral by 13.9% in the second quarter. Engineers Gate Manager LP now owns 76,728 shares of the software maker’s stock worth $2,804,000 after buying an additional 9,346 shares in the last quarter. 75.22% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently commented on the stock. Northland Securities reissued an “outperform” rating and issued a $46.00 target price (up previously from $43.00) on shares of Ringcentral in a report on Tuesday. Dougherty & Co reissued a “buy” rating and issued a $40.00 target price (up previously from $36.00) on shares of Ringcentral in a report on Wednesday, August 9th. Robert W. Baird downgraded shares of Ringcentral from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $38.80 to $41.00 in a report on Thursday, August 10th. BidaskClub upgraded shares of Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Finally, Zacks Investment Research upgraded shares of Ringcentral from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Wednesday. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $40.15.
In other news, insider Praful Shah sold 10,000 shares of Ringcentral stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $43.32, for a total transaction of $433,200.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 73,000 shares of Ringcentral 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 transaction, the chief executive officer now owns 355,041 shares in the company, valued at approximately $13,090,361.67. The disclosure for this sale can be found here. In the last quarter, insiders have sold 374,998 shares of company stock worth $14,754,380. Insiders own 14.53% of the company’s stock.
Ringcentral, Inc. (RNG) opened at 43.90 on Friday. Ringcentral, Inc. has a 52-week low of $19.35 and a 52-week high of $44.70. The firm’s 50-day moving average is $40.87 and its 200-day moving average is $35.35. The company’s market cap is $3.36 billion.
Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, topping the 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 for the quarter, compared to analyst estimates of $118.19 million. During the same quarter in the previous year, the firm earned $0.02 EPS. 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 EPS for the current year.
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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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