Strs Ohio Trims Holdings in Ringcentral, Inc. (RNG)
Strs Ohio reduced its holdings in shares of Ringcentral, Inc. (NYSE:RNG) by 3.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,100 shares of the software maker’s stock after selling 1,200 shares during the period. Strs Ohio’s holdings in Ringcentral were worth $1,340,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the business. Pier 88 Investment Partners LLC purchased a new stake in Ringcentral during the third quarter valued at approximately $645,000. Lord Abbett & CO. LLC purchased a new stake in Ringcentral during the second quarter valued at approximately $15,376,000. Dynamic Technology Lab Private Ltd purchased a new stake in Ringcentral during the second quarter valued at approximately $562,000. Ameritas Investment Partners Inc. increased its holdings in Ringcentral by 8.3% during the second quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after buying an additional 418 shares during the last quarter. Finally, Castleark Management LLC increased its holdings in Ringcentral by 24.4% during the second quarter. Castleark Management LLC now owns 578,513 shares of the software maker’s stock valued at $21,145,000 after buying an additional 113,543 shares during the last quarter. 75.04% of the stock is owned by institutional investors and hedge funds.
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Ringcentral (NYSE:RNG) last issued 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. The company had revenue of $119.40 million during the quarter, compared to analyst estimates of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The firm’s revenue was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.02 EPS.
In related news, COO David Sipes sold 13,800 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $38.64, for a total value of $533,232.00. Following the completion of the sale, the chief operating officer now owns 291,580 shares of the company’s stock, valued at approximately $11,266,651.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Praful Shah sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $37.98, for a total transaction of $379,800.00. Following the completion of the sale, the insider now directly owns 300,176 shares of the company’s stock, valued at approximately $11,400,684.48. The disclosure for this sale can be found here. In the last three months, insiders sold 382,106 shares of company stock valued at $15,665,035. 14.53% of the stock is owned by insiders.
A number of analysts have recently issued reports on RNG shares. Oppenheimer Holdings, Inc. increased their price objective on shares of Ringcentral from $33.00 to $45.00 in a research note on Thursday, July 13th. BidaskClub cut shares of Ringcentral from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Morgan Stanley cut shares of Ringcentral from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $37.00 to $33.00 in a research note on Thursday, July 20th. They noted that the move was a valuation call. Jefferies Group LLC reissued a “buy” rating and issued a $38.00 price objective on shares of Ringcentral in a research note on Thursday, August 3rd. Finally, Northland Securities set a $43.00 price objective on shares of Ringcentral and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $42.77.
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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