Whale Rock Capital Management LLC Buys Shares of 1,079,356 Ringcentral, Inc. (RNG)
Whale Rock Capital Management LLC purchased a new position in shares of Ringcentral, Inc. (NYSE:RNG) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,079,356 shares of the software maker’s stock, valued at approximately $39,450,000. Ringcentral comprises 2.8% of Whale Rock Capital Management LLC’s investment portfolio, making the stock its 17th biggest holding. Whale Rock Capital Management LLC owned about 1.41% of Ringcentral as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Sei Investments Co. lifted its position in shares of Ringcentral by 66.1% in the 2nd quarter. Sei Investments Co. now owns 31,255 shares of the software maker’s stock worth $1,142,000 after purchasing an additional 12,442 shares during the period. Vanguard Group Inc. boosted its stake in shares of Ringcentral by 9.4% in the 1st quarter. Vanguard Group Inc. now owns 5,184,049 shares of the software maker’s stock valued at $146,709,000 after purchasing an additional 446,995 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Ringcentral in the 2nd quarter valued at $1,173,000. Federated Investors Inc. PA boosted its stake in shares of Ringcentral by 58.3% in the 2nd quarter. Federated Investors Inc. PA now owns 164,268 shares of the software maker’s stock valued at $6,004,000 after purchasing an additional 60,468 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Ringcentral by 2.4% in the 1st quarter. Bank of New York Mellon Corp now owns 242,343 shares of the software maker’s stock valued at $6,858,000 after purchasing an additional 5,627 shares during the last quarter. Hedge funds and other institutional investors own 75.22% of the company’s stock.
In other news, CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $38.16, for a total value of $114,480.00. Following the completion of the sale, the chief financial officer now directly owns 138,113 shares of the company’s stock, valued at approximately $5,270,392.08. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 101,452 shares of Ringcentral stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $38.20, for a total transaction of $3,875,466.40. Following the sale, the chief executive officer now directly owns 355,041 shares in the company, valued at approximately $13,562,566.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 358,998 shares of company stock worth $14,057,990. Corporate insiders own 14.53% of the company’s stock.
A number of equities analysts recently weighed in on RNG shares. Northland Securities reissued a “buy” rating and set a $37.00 target price on shares of Ringcentral in a research note on Friday, June 23rd. Stephens restated an “overweight” rating and issued a $44.00 target price on shares of Ringcentral in a report on Sunday, June 25th. SunTrust Banks, Inc. began coverage on shares of Ringcentral in a research report on Monday, June 26th. They set a “buy” rating and a $47.00 price target on the stock. Jefferies Group LLC reaffirmed a “buy” rating and set a $38.00 price target on shares of Ringcentral in a research report on Sunday, July 2nd. Finally, Oppenheimer Holdings, Inc. increased their price target on Ringcentral from $33.00 to $45.00 in a report on Thursday, July 13th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Ringcentral presently has a consensus rating of “Buy” and an average price target of $40.15.
Shares of Ringcentral, Inc. (NYSE RNG) traded down 1.36% during trading on Wednesday, hitting $43.60. 178,770 shares of the stock traded hands. The firm’s market cap is $3.34 billion. The company has a 50 day moving average price of $40.61 and a 200 day moving average price of $35.22. Ringcentral, Inc. has a 12 month low of $19.35 and a 12 month high of $44.70.
Ringcentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 earnings per share 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 during the quarter, compared to analysts’ expectations of $118.19 million. During the same quarter last year, the business posted $0.02 EPS. The business’s revenue was up 30.1% on a year-over-year basis. Analysts anticipate that Ringcentral, Inc. will post $0.17 earnings per share for the current fiscal 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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