MARSHALL WACE ASIA Ltd purchased a new position in shares of Ringcentral, Inc. (NYSE:RNG) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 155,726 shares of the software maker’s stock, valued at approximately $4,361,000. MARSHALL WACE ASIA Ltd owned 0.21% of Ringcentral at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Kornitzer Capital Management Inc. KS purchased a new position in Ringcentral during the first quarter worth approximately $1,548,000. BNP Paribas Arbitrage SA raised its position in Ringcentral by 3,956.9% in the first quarter. BNP Paribas Arbitrage SA now owns 173,191 shares of the software maker’s stock worth $4,901,000 after buying an additional 168,922 shares in the last quarter. Renaissance Technologies LLC raised its position in Ringcentral by 38.0% in the fourth quarter. Renaissance Technologies LLC now owns 1,394,500 shares of the software maker’s stock worth $28,727,000 after buying an additional 383,900 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in Ringcentral by 0.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 20,258 shares of the software maker’s stock worth $417,000 after buying an additional 140 shares in the last quarter. Finally, Coe Capital Management LLC raised its position in Ringcentral by 7.9% in the first quarter. Coe Capital Management LLC now owns 37,705 shares of the software maker’s stock worth $1,067,000 after buying an additional 2,745 shares in the last quarter. 72.03% of the stock is currently owned by institutional investors.
Shares of Ringcentral, Inc. (NYSE RNG) traded down 1.50% during trading on Tuesday, reaching $36.05. 204,760 shares of the company were exchanged. The company has a 50 day moving average price of $34.18 and a 200-day moving average price of $27.33. Ringcentral, Inc. has a one year low of $18.54 and a one year high of $38.50. The stock’s market capitalization is $2.71 billion.
Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Tuesday, April 25th. The software maker reported ($0.09) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.09). Ringcentral had a negative return on equity of 20.12% and a negative net margin of 7.41%. The business had revenue of $111.80 million for the quarter, compared to analysts’ expectations of $110.35 million. During the same quarter in the prior year, the business earned $0.01 EPS. The firm’s revenue for the quarter was up 29.2% on a year-over-year basis. Equities analysts predict that Ringcentral, Inc. will post $0.16 EPS for the current year.
RNG has been the topic of a number of recent analyst reports. Jefferies Group LLC lifted their price target on shares of Ringcentral from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, February 27th. William Blair reissued an “outperform” rating on shares of Ringcentral in a research report on Thursday, February 23rd. Dougherty & Co initiated coverage on shares of Ringcentral in a research report on Wednesday, April 26th. They issued a “buy” rating and a $36.00 price target on the stock. Morgan Stanley raised shares of Ringcentral from an “equal weight” rating to an “overweight” rating and set a $33.00 price target on the stock in a research report on Tuesday, April 11th. Finally, CIBC lifted their price target on shares of Ringcentral from $29.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, April 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $30.78.
In related news, CEO Vladimir Shmunis sold 88,454 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $34.17, for a total value of $3,022,473.18. Following the sale, the chief executive officer now owns 386,279 shares in the company, valued at approximately $13,199,153.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Praful Shah sold 10,000 shares of the stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $36.07, for a total value of $360,700.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 478,251 shares of company stock worth $16,054,685. 17.34% 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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