Ringcentral, Inc. (RNG) Stake Lifted by Legal & General Group Plc
Legal & General Group Plc lifted its position in Ringcentral, Inc. (NYSE:RNG) by 5.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 22,612 shares of the software maker’s stock after purchasing an additional 1,089 shares during the period. Legal & General Group Plc’s holdings in Ringcentral were worth $825,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of RNG. Aperio Group LLC increased its stake 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 worth $419,000 after buying an additional 169 shares during the period. Falcon Point Capital LLC raised its holdings in Ringcentral by 3.2% during the 2nd quarter. Falcon Point Capital LLC now owns 9,356 shares of the software maker’s stock valued at $342,000 after buying an additional 288 shares during the last quarter. TD Asset Management Inc. raised its holdings in Ringcentral by 11.2% during the 2nd quarter. TD Asset Management Inc. now owns 19,827 shares of the software maker’s stock valued at $725,000 after buying an additional 2,000 shares during the last quarter. American International Group Inc. raised its holdings in Ringcentral by 7.0% during the 1st quarter. American International Group Inc. now owns 36,077 shares of the software maker’s stock valued at $1,021,000 after buying an additional 2,367 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in Ringcentral by 1.5% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 256,321 shares of the software maker’s stock valued at $7,254,000 after buying an additional 3,880 shares during the last quarter. Hedge funds and other institutional investors own 75.22% of the company’s stock.
Several equities research analysts have weighed in on RNG shares. Northland Securities reissued a “buy” rating and set a $37.00 price target on shares of Ringcentral in a research report on Friday, June 23rd. Stephens restated an “overweight” rating and issued a $44.00 price objective on shares of Ringcentral in a research report on Sunday, June 25th. SunTrust Banks, Inc. began coverage on shares of Ringcentral in a research note on Monday, June 26th. They set a “buy” rating and a $47.00 price objective for the company. Jefferies Group LLC reaffirmed a “buy” rating and set a $38.00 price objective on shares of Ringcentral in a research note on Sunday, July 2nd. Finally, Oppenheimer Holdings, Inc. upped their price objective on shares of Ringcentral from $33.00 to $45.00 in a research note on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $39.17.
Ringcentral, Inc. (RNG) opened at 44.00 on Tuesday. The stock’s market cap is $3.37 billion. Ringcentral, Inc. has a 12 month low of $19.35 and a 12 month high of $44.35. The company’s 50 day moving average is $40.47 and its 200 day moving average is $35.10.
Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $119.40 million during the quarter, compared to analyst estimates of $118.19 million. During the same period last year, the company earned $0.02 EPS. Ringcentral’s quarterly revenue was up 30.1% compared to the same quarter last year. On average, analysts anticipate that Ringcentral, Inc. will post $0.17 EPS for the current fiscal year.
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In other news, insider Praful Shah sold 10,000 shares of Ringcentral 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 in the company, valued at $11,400,684.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Mitesh Dhruv sold 3,000 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $41.37, for a total transaction of $124,110.00. Following the sale, the chief financial officer now directly owns 141,113 shares of the company’s stock, valued at $5,837,844.81. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 358,998 shares of company stock valued at $14,057,990. 14.53% of the stock is owned by company insiders.
Ringcentral Company Profile
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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