First Trust Advisors LP decreased its position in Ringcentral, Inc. (NYSE:RNG) by 90.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,515 shares of the software maker’s stock after selling 71,837 shares during the period. First Trust Advisors LP’s holdings in Ringcentral were worth $213,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the company. 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 during the period. Strs Ohio acquired a new position in shares of Ringcentral during the first quarter valued at approximately $580,000. Highbridge Capital Management LLC acquired a new position in shares of Ringcentral during the fourth quarter valued at approximately $449,000. Russell Investments Group Ltd. acquired a new position in shares of Ringcentral during the fourth quarter valued at approximately $1,102,000. Finally, Kornitzer Capital Management Inc. KS purchased a new position in Ringcentral during the first quarter valued at about $1,548,000. 72.03% of the stock is currently owned by institutional investors.
Shares of Ringcentral, Inc. (NYSE:RNG) opened at 35.85 on Tuesday. The company’s market capitalization is $2.69 billion. The company has a 50-day moving average price of $35.28 and a 200 day moving average price of $28.12. Ringcentral, Inc. has a one year low of $19.35 and a one year high of $39.00.
Ringcentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, April 25th. The software maker reported ($0.09) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.09). The company had revenue of $111.80 million during the quarter, compared to analyst estimates of $110.35 million. Ringcentral had a negative net margin of 7.41% and a negative return on equity of 20.12%. The company’s revenue was up 29.2% on a year-over-year basis. During the same quarter last year, the business posted $0.01 earnings per share. On average, analysts forecast that Ringcentral, Inc. will post $0.16 EPS for the current fiscal year.
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A number of analysts recently issued reports on RNG shares. Stephens reissued an “overweight” rating and issued a $44.00 target price on shares of Ringcentral in a research report on Sunday, June 25th. Jefferies Group LLC reissued a “buy” rating and issued a $38.00 price target on shares of Ringcentral in a report on Sunday, July 2nd. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $33.00 price objective (up from $32.00) on shares of Ringcentral in a research note on Monday, May 1st. William Blair reaffirmed an “outperform” rating on shares of Ringcentral in a research note on Monday, April 3rd. Finally, Dougherty & Co assumed coverage on Ringcentral in a research report on Wednesday, April 26th. They set a “buy” rating and a $36.00 price target for the company. One 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 company’s stock. The company has an average rating of “Buy” and an average price target of $36.80.
In other Ringcentral news, CEO Vladimir Shmunis sold 88,454 shares of Ringcentral stock in a transaction on Wednesday, May 24th. The shares were 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 directly owns 386,279 shares in the company, valued at approximately $13,199,153.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Clyde Hosein sold 200,000 shares of Ringcentral stock in a transaction on Monday, May 1st. The shares were sold at an average price of $32.08, for a total transaction of $6,416,000.00. Following the completion of the sale, the chief financial officer now owns 273,691 shares in the company, valued at $8,780,007.28. The disclosure for this sale can be found here. In the last three months, insiders sold 548,251 shares of company stock valued at $18,660,095. 14.53% of the stock is currently 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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