Gilder Gagnon Howe & Co. LLC Buys 1,271,054 Shares of RingCentral Inc. (RNG)
Gilder Gagnon Howe & Co. LLC increased its stake in RingCentral Inc. (NYSE:RNG) by 51.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,752,961 shares of the company’s stock after buying an additional 1,271,054 shares during the period. RingCentral accounts for 1.5% of Gilder Gagnon Howe & Co. LLC’s investment portfolio, making the stock its 14th largest position. Gilder Gagnon Howe & Co. LLC owned 5.19% of RingCentral worth $74,008,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in RNG. TIAA CREF Investment Management LLC increased its stake in shares of RingCentral by 26.3% in the first quarter. TIAA CREF Investment Management LLC now owns 219,691 shares of the company’s stock valued at $3,460,000 after buying an additional 45,802 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in RingCentral by 9.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,496,736 shares of the company’s stock valued at $23,574,000 after buying an additional 135,426 shares in the last quarter. Royce & Associates LP boosted its stake in RingCentral by 90.8% in the first quarter. Royce & Associates LP now owns 269,000 shares of the company’s stock valued at $4,237,000 after buying an additional 128,000 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in RingCentral by 134.9% in the first quarter. Goldman Sachs Group Inc. now owns 289,683 shares of the company’s stock valued at $4,563,000 after buying an additional 166,377 shares in the last quarter. Finally, Loomis Sayles & Co. L P acquired a new stake in RingCentral during the first quarter valued at approximately $9,498,000. 67.06% of the stock is currently owned by institutional investors and hedge funds.
Shares of RingCentral Inc. (NYSE:RNG) traded up 1.871% during trading on Wednesday, hitting $22.055. The company had a trading volume of 63,945 shares. The stock’s market cap is $1.61 billion. The firm has a 50 day moving average of $22.71 and a 200 day moving average of $20.94. RingCentral Inc. has a 12-month low of $13.88 and a 12-month high of $25.67.
RingCentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.01. RingCentral had a negative net margin of 8.17% and a negative return on equity of 21.08%. The business earned $91.80 million during the quarter, compared to analysts’ expectations of $70.70 million. During the same quarter in the prior year, the company earned ($0.05) EPS. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. On average, analysts forecast that RingCentral Inc. will post $0.07 earnings per share for the current fiscal year.
Several analysts recently commented on RNG shares. Summit Redstone restated a “buy” rating and issued a $24.00 target price on shares of RingCentral in a research report on Wednesday, June 29th. Craig Hallum started coverage on RingCentral in a research report on Thursday, July 7th. They issued a “buy” rating and a $25.00 target price on the stock. Summit Research started coverage on RingCentral in a research report on Tuesday, June 28th. They issued a “buy” rating on the stock. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $29.00 target price (up from $27.00) on shares of RingCentral in a research report on Friday, August 5th. Finally, Robert W. Baird started coverage on RingCentral in a research report on Thursday, August 25th. They issued a “neutral” rating and a $24.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $25.40.
In other RingCentral news, SVP Praful Shah sold 10,000 shares of the stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $23.61, for a total transaction of $236,100.00. Following the completion of the transaction, the senior vice president now owns 318,247 shares in the company, valued at approximately $7,513,811.67. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 150,000 shares of the stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $22.93, for a total value of $3,439,500.00. Following the transaction, the chief executive officer now owns 238,994 shares of the company’s stock, valued at approximately $5,480,132.42. The disclosure for this sale can be found here. 17.34% of the stock is currently owned by corporate insiders.
RingCentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business 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 voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax.
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