Comerica Bank Invests $202,000 in RingCentral Inc (RNG)
Comerica Bank purchased a new position in RingCentral Inc (NYSE:RNG) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,467 shares of the software maker’s stock, valued at approximately $202,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cerebellum GP LLC acquired a new position in shares of RingCentral in the 2nd quarter worth approximately $183,000. NewSquare Capital LLC acquired a new position in shares of RingCentral in the 2nd quarter worth approximately $188,000. IFP Advisors Inc acquired a new position in shares of RingCentral in the 1st quarter worth approximately $198,000. Stifel Financial Corp acquired a new position in shares of RingCentral in the 1st quarter worth approximately $201,000. Finally, Verition Fund Management LLC acquired a new position in shares of RingCentral in the 1st quarter worth approximately $208,000. Hedge funds and other institutional investors own 77.29% of the company’s stock.
RNG has been the topic of a number of research reports. Craig Hallum boosted their target price on shares of RingCentral from $84.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, August 7th. Jefferies Financial Group reiterated a “buy” rating and set a $97.00 target price on shares of RingCentral in a research report on Tuesday, August 7th. Stifel Nicolaus initiated coverage on shares of RingCentral in a research report on Wednesday, July 11th. They set a “buy” rating and a $100.00 target price on the stock. Zacks Investment Research upgraded shares of RingCentral from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a research report on Wednesday, July 11th. Finally, SunTrust Banks boosted their target price on shares of RingCentral to $80.00 and gave the company 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $86.46.
RingCentral (NYSE:RNG) last released its earnings results on Monday, August 6th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.04. The company 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%. RingCentral’s quarterly revenue was up 34.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.04 EPS. equities research analysts expect that RingCentral Inc will post -0.14 EPS for the current fiscal year.
In other RingCentral news, insider Praful Shah sold 3,109 shares of the business’s stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $93.62, for a total transaction of $291,064.58. Following the completion of the sale, the insider now owns 308,204 shares in the company, valued at approximately $28,854,058.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO David Sipes sold 9,300 shares of the business’s stock in a transaction on Wednesday, June 13th. The shares were sold at an average price of $77.71, for a total transaction of $722,703.00. The disclosure for this sale can be found here. Insiders have sold a total of 142,817 shares of company stock valued at $12,258,831 in the last 90 days. 11.99% of the stock is currently owned by company insiders.
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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