Ringcentral, Inc. (RNG) Shares Sold by Prudential Financial Inc.
Prudential Financial Inc. reduced its holdings in Ringcentral, Inc. (NYSE:RNG) by 30.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,230 shares of the software maker’s stock after selling 3,230 shares during the quarter. Prudential Financial Inc.’s holdings in Ringcentral were worth $302,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. Aperio Group LLC grew its position in shares of Ringcentral by 1.5% in the second quarter. Aperio Group LLC now owns 11,457 shares of the software maker’s stock valued at $419,000 after purchasing an additional 169 shares during the last quarter. Falcon Point Capital LLC grew its position in Ringcentral by 3.2% during the second quarter. Falcon Point Capital LLC now owns 9,356 shares of the software maker’s stock worth $342,000 after buying an additional 288 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in Ringcentral by 8.3% during the second quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock worth $200,000 after buying an additional 418 shares in the last quarter. Suntrust Banks Inc. grew its position in Ringcentral by 5.5% during the second quarter. Suntrust Banks Inc. now owns 9,970 shares of the software maker’s stock worth $364,000 after buying an additional 523 shares in the last quarter. Finally, Amalgamated Bank grew its position in Ringcentral by 11.5% during the second quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock worth $293,000 after buying an additional 825 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.
Ringcentral, Inc. (NYSE:RNG) traded down $0.75 during midday trading on Tuesday, reaching $47.55. The company’s stock had a trading volume of 455,600 shares, compared to its average volume of 662,615. Ringcentral, Inc. has a 12 month low of $20.55 and a 12 month high of $49.95.
Ringcentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. The company had revenue of $129.76 million for the quarter, compared to the consensus estimate of $126.06 million. Ringcentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The company’s quarterly revenue was up 34.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.03 earnings per share. equities research analysts predict that Ringcentral, Inc. will post -0.33 EPS for the current fiscal year.
A number of equities research analysts recently weighed in on RNG shares. BidaskClub raised Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Zacks Investment Research raised Ringcentral from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Tuesday, November 14th. Northland Securities reissued a “buy” rating and set a $46.00 target price on shares of Ringcentral in a research report on Friday, November 10th. Craig Hallum reissued a “buy” rating and set a $50.00 target price (up from $40.00) on shares of Ringcentral in a research 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 research report on Wednesday, October 25th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $44.62.
In other Ringcentral news, insider Praful Shah sold 10,000 shares of Ringcentral stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $41.08, for a total transaction of $410,800.00. Following the sale, the insider now directly owns 310,176 shares of the company’s stock, valued at $12,742,030.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 101,453 shares of Ringcentral stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $48.34, for a total value of $4,904,238.02. Following the sale, the chief executive officer now directly owns 355,041 shares in the company, valued at $17,162,681.94. The disclosure for this sale can be found here. Insiders have sold 349,576 shares of company stock worth $15,741,702 over the last ninety days. Company insiders own 14.53% of the company’s stock.
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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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