Lucha Capital Management LP Takes Position in Ringcentral, Inc. (RNG)
Lucha Capital Management LP bought a new stake in shares of Ringcentral, Inc. (NYSE:RNG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 211,097 shares of the software maker’s stock, valued at approximately $7,716,000. Ringcentral accounts for about 2.5% of Lucha Capital Management LP’s investment portfolio, making the stock its 13th largest position. Lucha Capital Management LP owned 0.34% of Ringcentral at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. ProShare Advisors LLC bought a new stake in shares of Ringcentral in the 2nd quarter valued at about $202,000. BT Investment Management Ltd bought a new stake in shares of Ringcentral in the 2nd quarter valued at about $272,000. Amalgamated Bank boosted its holdings in shares of Ringcentral by 11.5% in the 2nd quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock valued at $293,000 after buying an additional 825 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Ringcentral by 11.6% in the 2nd quarter. BlackRock Inc. now owns 4,272,844 shares of the software maker’s stock valued at $156,173,000 after buying an additional 445,306 shares in the last quarter. Finally, Nationwide Fund Advisors boosted its holdings in shares of Ringcentral by 66.8% in the 2nd quarter. Nationwide Fund Advisors now owns 141,441 shares of the software maker’s stock valued at $5,170,000 after buying an additional 56,644 shares in the last quarter. 75.22% of the stock is currently owned by institutional investors and hedge funds.
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A number of analysts have recently weighed in on RNG shares. Oppenheimer Holdings, Inc. raised their price target on shares of Ringcentral from $33.00 to $45.00 in a report on Thursday, July 13th. Craig Hallum restated a “buy” rating and issued a $40.00 price target (up from $35.00) on shares of Ringcentral in a report on Thursday, August 3rd. Northland Securities set a $43.00 price target on shares of Ringcentral and gave the company a “buy” rating in a report on Thursday, August 3rd. Jefferies Group LLC restated a “buy” rating and issued a $38.00 price target on shares of Ringcentral in a report on Thursday, August 3rd. Finally, SunTrust Banks, Inc. started coverage on shares of Ringcentral in a report on Monday, June 26th. They issued a “buy” rating and a $47.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $39.17.
Ringcentral, Inc. (NYSE:RNG) traded up 0.12% during mid-day trading on Monday, reaching $41.60. 51,824 shares of the company were exchanged. Ringcentral, Inc. has a 1-year low of $19.35 and a 1-year high of $43.05. The firm’s market capitalization is $3.19 billion. The stock has a 50-day moving average of $39.00 and a 200 day moving average of $33.88.
Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.01. The company had revenue of $119.40 million for 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.02 earnings per share. Equities research analysts forecast that Ringcentral, Inc. will post $0.17 earnings per share for the current year.
In other Ringcentral news, CAO John H. Marlow sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $35.80, for a total value of $179,000.00. Following the transaction, the chief accounting officer now directly owns 138,830 shares in the company, valued at $4,970,114. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 73,000 shares of the stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $36.87, for a total transaction of $2,691,510.00. Following the completion of the transaction, the chief executive officer now owns 355,041 shares in the company, valued at $13,090,361.67. The disclosure for this sale can be found here. Insiders sold 348,998 shares of company stock worth $13,647,190 over the last quarter. 14.53% of the stock is currently owned by insiders.
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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