State Board of Administration of Florida Retirement System Has $394,000 Position in RingCentral Inc. (RNG)
State Board of Administration of Florida Retirement System boosted its position in shares of RingCentral Inc. (NYSE:RNG) by 5.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,978 shares of the company’s stock after buying an additional 1,099 shares during the period. State Board of Administration of Florida Retirement System’s holdings in RingCentral were worth $394,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of the stock. Cadence Capital Management LLC raised its position in RingCentral by 46.1% in the second quarter. Cadence Capital Management LLC now owns 49,950 shares of the company’s stock worth $985,000 after buying an additional 15,771 shares during the period. Emerald Acquisition Ltd. bought a new stake in shares of RingCentral during the second quarter valued at approximately $889,000. Swiss National Bank raised its stake in shares of RingCentral by 4.6% in the second quarter. Swiss National Bank now owns 86,900 shares of the company’s stock valued at $1,714,000 after buying an additional 3,800 shares during the last quarter. Quantbot Technologies LP raised its stake in shares of RingCentral by 3.5% in the second quarter. Quantbot Technologies LP now owns 7,481 shares of the company’s stock valued at $147,000 after buying an additional 252 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of RingCentral by 8.3% in the second quarter. California State Teachers Retirement System now owns 122,925 shares of the company’s stock valued at $2,424,000 after buying an additional 9,425 shares during the last quarter. Hedge funds and other institutional investors own 67.06% of the company’s stock.
Shares of RingCentral Inc. (NYSE:RNG) traded down 1.52% on Tuesday, reaching $22.02. 80,160 shares of the company traded hands. RingCentral Inc. has a 52-week low of $13.88 and a 52-week high of $25.67. The firm has a 50-day moving average of $22.86 and a 200-day moving average of $20.70. The company’s market capitalization is $1.61 billion.
RingCentral (NYSE:RNG) last announced its earnings results on Wednesday, August 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.01. The business earned $91.80 million during the quarter, compared to analyst estimates of $70.70 million. RingCentral had a negative return on equity of 21.08% and a negative net margin of 8.17%. RingCentral’s revenue for the quarter was up 29.8% compared to the same quarter last year. During the same period last year, the company earned ($0.05) EPS. On average, equities research analysts forecast that RingCentral Inc. will post $0.07 earnings per share for the current fiscal year.
Several brokerages have commented on RNG. Jefferies Group boosted their target price on shares of RingCentral from $27.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Robert W. Baird began coverage on shares of RingCentral in a research report on Thursday, August 25th. They set a “neutral” rating and a $24.00 target price on the stock. Summit Research began coverage on shares of RingCentral in a research report on Tuesday, June 28th. They set a “buy” rating on the stock. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $29.00 target price (up from $27.00) on shares of RingCentral in a research report on Friday, August 5th. Finally, Craig Hallum began coverage on shares of RingCentral in a research report on Thursday, July 7th. They set a “buy” rating and a $25.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $25.40.
In related news, CEO Vladimir Shmunis sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $23.16, for a total transaction of $463,200.00. Following the completion of the transaction, the chief executive officer now directly owns 243,994 shares of the company’s stock, valued at approximately $5,650,901.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Praful Shah sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $21.92, for a total value of $219,200.00. Following the transaction, the senior vice president now directly owns 328,247 shares of the company’s stock, valued at $7,195,174.24. The disclosure for this sale can be found here. Corporate insiders own 17.34% of the company’s stock.
RingCentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business 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 voice, text, team messaging collaboration, high definition (HD) video for Web conferencing 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 Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral Inc. and related companies with MarketBeat.com's FREE daily email newsletter.