Dynamic Technology Lab Private Ltd bought a new position in shares of RingCentral Inc (NYSE:RNG) during the 1st quarter, HoldingsChannel reports. The firm bought 3,265 shares of the software maker’s stock, valued at approximately $352,000.
Other institutional investors have also modified their holdings of the company. Vanguard Group Inc grew its holdings in shares of RingCentral by 1.1% in the 3rd quarter. Vanguard Group Inc now owns 6,751,585 shares of the software maker’s stock valued at $628,235,000 after acquiring an additional 71,110 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of RingCentral in the 4th quarter valued at about $18,135,000. Stanley Laman Group Ltd. bought a new position in shares of RingCentral in the 4th quarter valued at about $280,000. Virginia Retirement Systems ET AL bought a new position in shares of RingCentral in the 4th quarter valued at about $420,000. Finally, Karp Capital Management Corp bought a new position in shares of RingCentral in the 4th quarter valued at about $41,000. Institutional investors own 81.95% of the company’s stock.
RingCentral stock opened at $118.04 on Friday. RingCentral Inc has a 52 week low of $64.41 and a 52 week high of $127.00. The company has a debt-to-equity ratio of 1.19, a current ratio of 3.08 and a quick ratio of 3.08. The stock has a market cap of $9.67 billion, a P/E ratio of -2,951.00 and a beta of 0.94.
RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, May 6th. The software maker reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.16). RingCentral had a negative return on equity of 0.73% and a negative net margin of 4.12%. The business had revenue of $201.50 million for the quarter, compared to the consensus estimate of $193.54 million. During the same quarter in the previous year, the business posted $0.16 EPS. The company’s revenue for the quarter was up 34.1% on a year-over-year basis. As a group, sell-side analysts predict that RingCentral Inc will post -0.43 EPS for the current year.
Several brokerages have recently weighed in on RNG. Craig Hallum raised their price objective on RingCentral from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Deutsche Bank raised their price objective on RingCentral from $125.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. SunTrust Banks raised their price objective on RingCentral to $140.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Jefferies Financial Group raised their price objective on RingCentral from $121.00 to $140.00 in a report on Tuesday, May 7th. Finally, Stephens restated a “hold” rating and issued a $95.00 price objective on shares of RingCentral in a report on Monday, May 6th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. RingCentral currently has a consensus rating of “Buy” and a consensus target price of $120.72.
In related news, CEO Vladimir Shmunis sold 50,700 shares of RingCentral stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $118.13, for a total transaction of $5,989,191.00. Following the completion of the transaction, the chief executive officer now owns 282,297 shares in the company, valued at $33,347,744.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO David Sipes sold 13,500 shares of RingCentral stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $124.08, for a total value of $1,675,080.00. Following the transaction, the chief operating officer now owns 288,367 shares of the company’s stock, valued at approximately $35,780,577.36. The disclosure for this sale can be found here. Insiders have sold 352,147 shares of company stock valued at $40,598,148 in the last quarter. 11.03% of the stock is currently owned by corporate insiders.
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
Read More: What is the Federal Reserve?
Want to see what other hedge funds are holding RNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RingCentral Inc (NYSE:RNG).
Receive News & 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 companies with MarketBeat.com's FREE daily email newsletter.