1492 Capital Management LLC cut its stake in RingCentral Inc (NYSE:RNG) by 17.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,348 shares of the software maker’s stock after selling 15,338 shares during the period. RingCentral comprises about 6.8% of 1492 Capital Management LLC’s holdings, making the stock its largest holding. 1492 Capital Management LLC’s holdings in RingCentral were worth $8,015,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc increased its position in shares of RingCentral by 1.1% during the third quarter. Vanguard Group Inc now owns 6,751,585 shares of the software maker’s stock valued at $628,235,000 after buying an additional 71,110 shares during the period. Daiwa Securities Group Inc. bought a new stake in shares of RingCentral during the fourth quarter valued at about $1,830,000. Columbus Circle Investors increased its position in shares of RingCentral by 52.0% during the fourth quarter. Columbus Circle Investors now owns 983,062 shares of the software maker’s stock valued at $81,044,000 after buying an additional 336,482 shares during the period. Breakline Capital LLC bought a new stake in shares of RingCentral during the fourth quarter valued at about $1,033,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of RingCentral during the fourth quarter valued at about $18,135,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.
Shares of RNG opened at $117.81 on Thursday. The company has a market capitalization of $10.07 billion, a price-to-earnings ratio of -2,945.25 and a beta of 0.94. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 1.19. RingCentral Inc has a 1 year low of $64.41 and a 1 year high of $127.00.
In other RingCentral news, CEO Vladimir Shmunis sold 16,898 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $102.93, for a total value of $1,739,311.14. Following the completion of the sale, the chief executive officer now owns 245,623 shares in the company, valued at $25,281,975.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO John H. Marlow sold 27,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $106.04, for a total value of $2,863,080.00. Following the completion of the sale, the chief accounting officer now owns 111,627 shares of the company’s stock, valued at approximately $11,836,927.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 245,405 shares of company stock valued at $27,995,621. 11.03% of the stock is owned by insiders.
RNG has been the topic of several analyst reports. Zacks Investment Research cut RingCentral from a “buy” rating to a “hold” rating in a research report on Saturday, February 16th. Northland Securities boosted their price objective on RingCentral from $124.00 to $148.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. Raymond James boosted their price objective on RingCentral from $116.00 to $140.00 and gave the stock a “strong-buy” rating in a report on Tuesday, May 7th. Bank of America boosted their price objective on RingCentral from $117.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Guggenheim began coverage on RingCentral in a report on Monday, March 11th. They set a “buy” rating and a $125.00 price objective for the company. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $120.72.
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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