RingCentral Inc (RNG) Shares Sold by Principal Financial Group Inc.
Principal Financial Group Inc. decreased its holdings in shares of RingCentral Inc (NYSE:RNG) by 44.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,363 shares of the software maker’s stock after selling 5,901 shares during the quarter. Principal Financial Group Inc.’s holdings in RingCentral were worth $307,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of the company. Chicago Equity Partners LLC grew its stake in RingCentral by 20.7% in the third quarter. Chicago Equity Partners LLC now owns 141,745 shares of the software maker’s stock valued at $5,918,000 after purchasing an additional 24,320 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of RingCentral by 11.3% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 32,006 shares of the software maker’s stock worth $1,336,000 after acquiring an additional 3,260 shares in the last quarter. Nationwide Fund Advisors lifted its position in shares of RingCentral by 3.3% during the 3rd quarter. Nationwide Fund Advisors now owns 146,145 shares of the software maker’s stock worth $6,102,000 after purchasing an additional 4,704 shares during the last quarter. Pier 88 Investment Partners LLC acquired a new position in shares of RingCentral during the 3rd quarter worth about $645,000. Finally, Lord Abbett & CO. LLC acquired a new position in RingCentral in the 2nd quarter valued at approximately $15,376,000. Institutional investors and hedge funds own 76.43% of the company’s stock.
In other RingCentral news, CAO John H. Marlow sold 1,945 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $48.65, for a total transaction of $94,624.25. Following the sale, the chief accounting officer now owns 120,373 shares of the company’s stock, valued at $5,856,146.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO David Sipes sold 1,500 shares of the company’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $44.00, for a total transaction of $66,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 317,742 shares of company stock worth $14,690,590. 14.53% of the stock is currently owned by insiders.
RingCentral Inc (RNG) traded up $1.40 during trading on Friday, reaching $48.95. The company had a trading volume of 682,389 shares, compared to its average volume of 523,550. RingCentral Inc has a fifty-two week low of $20.55 and a fifty-two week high of $49.95.
RingCentral (NYSE:RNG) last issued its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. RingCentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The firm had revenue of $129.76 million during the quarter, compared to the consensus estimate of $126.06 million. During the same period last year, the business posted $0.03 earnings per share. The business’s revenue for the quarter was up 34.0% compared to the same quarter last year. analysts forecast that RingCentral Inc will post -0.33 EPS for the current fiscal year.
COPYRIGHT VIOLATION WARNING: This report was originally published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this report on another website, it was copied illegally and republished in violation of U.S. and international copyright and trademark law. The original version of this report can be accessed at https://www.thecerbatgem.com/2017/12/17/ringcentral-inc-rng-shares-sold-by-principal-financial-group-inc.html.
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.
Receive News & Stock Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related stocks with our FREE daily email newsletter.