State of Wisconsin Investment Board Acquires New Stake in RingCentral Inc (RNG)
State of Wisconsin Investment Board acquired a new stake in shares of RingCentral Inc (NYSE:RNG) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,984 shares of the software maker’s stock, valued at approximately $913,000.
Other institutional investors also recently modified their holdings of the company. NewSquare Capital LLC bought a new position in RingCentral in the second quarter worth approximately $188,000. Comerica Bank bought a new position in RingCentral in the second quarter worth approximately $202,000. Cerebellum GP LLC bought a new position in RingCentral in the second quarter worth approximately $183,000. Zeke Capital Advisors LLC bought a new position in RingCentral in the second quarter worth approximately $209,000. Finally, Moloney Securities Asset Management LLC bought a new position in RingCentral in the second quarter worth approximately $211,000. Institutional investors own 77.29% of the company’s stock.
Several research firms have weighed in on RNG. Jefferies Financial Group reiterated a “buy” rating and issued a $97.00 price target on shares of RingCentral in a research report on Tuesday, August 7th. Dougherty & Co increased their price target on shares of RingCentral from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Robert W. Baird increased their price target on shares of RingCentral from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 7th. ValuEngine upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. Finally, Craig Hallum increased their price target on shares of RingCentral from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, May 10th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. RingCentral has a consensus rating of “Buy” and an average target price of $86.46.
Shares of RNG stock opened at $93.75 on Wednesday. The firm has a market cap of $7.45 billion, a PE ratio of -267.86 and a beta of 0.70. RingCentral Inc has a one year low of $38.10 and a one year high of $95.60. The company has a debt-to-equity ratio of 1.24, a quick ratio of 4.32 and a current ratio of 4.32.
RingCentral (NYSE:RNG) last announced its quarterly earnings data on Monday, August 6th. The software maker reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.04. The firm had revenue of $160.83 million for the quarter, compared to the consensus estimate of $155.71 million. RingCentral had a negative net margin of 3.92% and a negative return on equity of 5.93%. The company’s revenue was up 34.1% on a year-over-year basis. During the same period last year, the firm earned $0.04 EPS. equities analysts forecast that RingCentral Inc will post -0.14 EPS for the current fiscal year.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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