Clearbridge LLC lessened its holdings in RingCentral Inc (NYSE:RNG) by 7.6% in the 4th quarter, HoldingsChannel reports. The fund owned 277,169 shares of the software maker’s stock after selling 22,730 shares during the period. Clearbridge LLC’s holdings in RingCentral were worth $13,415,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. BlackRock Inc. boosted its holdings in RingCentral by 17.2% in the fourth quarter. BlackRock Inc. now owns 5,110,028 shares of the software maker’s stock worth $247,325,000 after acquiring an additional 750,564 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of RingCentral by 14.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock worth $85,644,000 after purchasing an additional 228,200 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of RingCentral by 2.3% during the third quarter. JPMorgan Chase & Co. now owns 1,216,115 shares of the software maker’s stock worth $48,828,000 after purchasing an additional 27,040 shares during the period. OppenheimerFunds Inc. lifted its holdings in shares of RingCentral by 3.6% during the fourth quarter. OppenheimerFunds Inc. now owns 640,825 shares of the software maker’s stock worth $31,015,000 after purchasing an additional 22,530 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of RingCentral by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 530,786 shares of the software maker’s stock worth $25,689,000 after purchasing an additional 6,043 shares during the period. 76.37% of the stock is owned by institutional investors and hedge funds.
In other RingCentral news, CEO Vladimir Shmunis sold 48,666 shares of the business’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $47.12, for a total value of $2,293,141.92. Following the completion of the transaction, the chief executive officer now directly owns 355,041 shares of the company’s stock, valued at $16,729,531.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Praful Shah sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 8th. The shares were sold at an average price of $66.13, for a total value of $661,300.00. Following the completion of the transaction, the insider now directly owns 305,629 shares of the company’s stock, valued at $20,211,245.77. The disclosure for this sale can be found here. Insiders sold 245,125 shares of company stock valued at $14,191,132 over the last three months. 14.53% of the stock is currently owned by corporate insiders.
RingCentral Inc (NYSE RNG) opened at $66.55 on Friday. RingCentral Inc has a twelve month low of $25.92 and a twelve month high of $67.30. The stock has a market capitalization of $5,176.55, a P/E ratio of -195.73 and a beta of 0.68.
RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, February 12th. The software maker reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. RingCentral had a negative return on equity of 16.54% and a negative net margin of 5.21%. The company had revenue of $140.50 million during the quarter, compared to the consensus estimate of $136.34 million. During the same period in the previous year, the company posted $0.03 earnings per share. RingCentral’s revenue for the quarter was up 34.4% on a year-over-year basis. research analysts anticipate that RingCentral Inc will post -0.25 EPS for the current fiscal year.
RingCentral declared that its Board of Directors has initiated a share buyback plan on Tuesday, February 27th that authorizes the company to repurchase $35.00 million in shares. This repurchase authorization authorizes the software maker to purchase shares of its stock through a private placement purchase. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
COPYRIGHT VIOLATION NOTICE: “RingCentral Inc (RNG) Holdings Trimmed by Clearbridge LLC” was published by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this piece of content on another publication, it was stolen and reposted in violation of United States and international trademark & copyright laws. The correct version of this piece of content can be read at https://sportsperspectives.com/2018/03/10/ringcentral-inc-rng-holdings-trimmed-by-clearbridge-llc.html.
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.
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.