Gulf International Bank UK Ltd trimmed its stake in RingCentral, Inc. (NYSE:RNG) by 3.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,160 shares of the software maker’s stock after selling 521 shares during the quarter. Gulf International Bank UK Ltd’s holdings in RingCentral were worth $3,079,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RNG. Capital International Investors boosted its stake in RingCentral by 44.7% in the second quarter. Capital International Investors now owns 2,973,144 shares of the software maker’s stock valued at $863,936,000 after acquiring an additional 918,512 shares during the last quarter. Amundi bought a new stake in RingCentral during the 2nd quarter worth approximately $230,224,000. Bamco Inc. NY increased its holdings in RingCentral by 60.9% during the 2nd quarter. Bamco Inc. NY now owns 1,197,548 shares of the software maker’s stock worth $347,983,000 after acquiring an additional 453,242 shares during the period. Assenagon Asset Management S.A. increased its holdings in RingCentral by 1,677.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 409,385 shares of the software maker’s stock worth $89,041,000 after acquiring an additional 386,349 shares during the period. Finally, Neuberger Berman Group LLC increased its holdings in RingCentral by 71.0% during the 2nd quarter. Neuberger Berman Group LLC now owns 431,057 shares of the software maker’s stock worth $125,241,000 after acquiring an additional 178,933 shares during the period. Hedge funds and other institutional investors own 84.42% of the company’s stock.
A number of analysts recently weighed in on RNG shares. Jefferies Financial Group decreased their target price on shares of RingCentral from $450.00 to $360.00 and set a “buy” rating on the stock in a report on Thursday, October 21st. They noted that the move was a valuation call. KeyCorp decreased their price target on shares of RingCentral from $404.00 to $295.00 and set an “overweight” rating on the stock in a report on Friday. Deutsche Bank Aktiengesellschaft decreased their price target on shares of RingCentral from $400.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, December 9th. Colliers Securities reissued a “buy” rating and issued a $349.00 price target on shares of RingCentral in a report on Wednesday, November 10th. Finally, The Goldman Sachs Group began coverage on shares of RingCentral in a research note on Thursday, December 16th. They issued a “buy” rating and a $240.00 price objective for the company. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, RingCentral has an average rating of “Buy” and an average target price of $361.41.
RingCentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, November 9th. The software maker reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.95. The company had revenue of $414.63 million for the quarter, compared to the consensus estimate of $393.42 million. RingCentral had a negative net margin of 17.54% and a negative return on equity of 111.17%. During the same quarter last year, the firm posted ($0.24) earnings per share. On average, equities research analysts predict that RingCentral, Inc. will post -1.78 EPS for the current year.
In other RingCentral news, COO Anand Eswaran sold 5,833 shares of RingCentral stock in a transaction that occurred on Friday, November 26th. The shares were sold at an average price of $224.31, for a total transaction of $1,308,400.23. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Vladimir Shmunis sold 10,000 shares of RingCentral stock in a transaction that occurred on Thursday, October 21st. The shares were sold at an average price of $249.05, for a total transaction of $2,490,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 53,212 shares of company stock worth $12,253,506. 7.35% of the stock is currently owned by insiders.
RingCentral Company Profile
RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones; and allow for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.
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