Shell Asset Management Co. trimmed its position in shares of RingCentral Inc (NYSE:RNG) by 2.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 40,968 shares of the software maker’s stock after selling 1,202 shares during the period. Shell Asset Management Co.’s holdings in RingCentral were worth $8,682,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of RNG. Nisa Investment Advisors LLC boosted its stake in RingCentral by 1.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 12,200 shares of the software maker’s stock valued at $2,058,000 after purchasing an additional 200 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in RingCentral by 263.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,005 shares of the software maker’s stock valued at $2,700,000 after purchasing an additional 11,605 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in shares of RingCentral in the 4th quarter worth approximately $644,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in shares of RingCentral in the 4th quarter worth approximately $737,000. Finally, Braun Stacey Associates Inc. acquired a new stake in shares of RingCentral in the 4th quarter worth approximately $13,325,000. 88.95% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently weighed in on the stock. Goldman Sachs Group upped their price target on shares of RingCentral from $230.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Robert W. Baird upped their price target on shares of RingCentral from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. ValuEngine lowered shares of RingCentral from a “buy” rating to a “hold” rating in a research note on Friday, May 1st. UBS Group upped their price target on shares of RingCentral from $210.00 to $250.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 11th. They noted that the move was a valuation call. Finally, Oppenheimer upped their price target on shares of RingCentral from $203.00 to $270.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Three analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. RingCentral presently has a consensus rating of “Buy” and an average target price of $255.71.
Shares of RNG stock traded down $3.81 during trading hours on Friday, reaching $261.53. 613,851 shares of the stock traded hands, compared to its average volume of 1,245,633. RingCentral Inc has a 1-year low of $110.34 and a 1-year high of $292.48. The business has a fifty day moving average price of $239.46 and a 200 day moving average price of $202.72. The company has a quick ratio of 3.16, a current ratio of 3.16 and a debt-to-equity ratio of 2.18. The firm has a market capitalization of $22.78 billion, a PE ratio of -207.56 and a beta of 0.59.
RingCentral (NYSE:RNG) last released its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.01. RingCentral had a negative net margin of 11.14% and a negative return on equity of 6.09%. The business had revenue of $267.51 million for the quarter, compared to analyst estimates of $248.83 million. During the same quarter in the previous year, the business earned $0.17 earnings per share. The firm’s revenue was up 32.8% compared to the same quarter last year. Research analysts expect that RingCentral Inc will post -0.65 earnings per share for the current fiscal year.
In other RingCentral news, CAO Vaibhav Agarwal sold 545 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $233.56, for a total value of $127,290.20. Following the transaction, the chief accounting officer now owns 18,327 shares in the company, valued at approximately $4,280,454.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $232.12, for a total transaction of $5,803,000.00. Following the completion of the transaction, the chief executive officer now owns 179,197 shares in the company, valued at approximately $41,595,207.64. The disclosure for this sale can be found here. Insiders have sold 150,860 shares of company stock worth $35,843,136 in the last 90 days. 11.03% of the stock is owned by company 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.
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