Russell Investments Group Ltd. Increases Position in Ringcentral, Inc. (RNG)
Russell Investments Group Ltd. raised its position in shares of Ringcentral, Inc. (NYSE:RNG) by 403.7% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 453,773 shares of the software maker’s stock after buying an additional 363,686 shares during the period. Russell Investments Group Ltd.’s holdings in Ringcentral were worth $16,585,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Suntrust Banks Inc. acquired a new stake in shares of Ringcentral during the first quarter worth approximately $267,000. Kornitzer Capital Management Inc. KS acquired a new stake in shares of Ringcentral during the first quarter worth approximately $1,548,000. Vanguard Group Inc. boosted its stake in shares of Ringcentral by 9.4% in the first quarter. Vanguard Group Inc. now owns 5,184,049 shares of the software maker’s stock worth $146,709,000 after buying an additional 446,995 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Ringcentral by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 242,343 shares of the software maker’s stock worth $6,858,000 after buying an additional 5,627 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of Ringcentral by 3,956.9% in the first quarter. BNP Paribas Arbitrage SA now owns 173,191 shares of the software maker’s stock worth $4,901,000 after buying an additional 168,922 shares during the last quarter. 71.20% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Ringcentral, Inc. (NYSE:RNG) traded up 9.540% on Wednesday, hitting $39.325. 2,248,370 shares of the stock traded hands. The stock’s market cap is $2.98 billion. The company’s 50 day moving average is $36.12 and its 200 day moving average is $30.56. Ringcentral, Inc. has a one year low of $19.35 and a one year high of $43.05.
Ringcentral (NYSE:RNG) last released its earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.01. Ringcentral had a negative return on equity of 20.54% and a negative net margin of 6.77%. The company had revenue of $119.40 million for the quarter, compared to analysts’ expectations of $118.19 million. During the same quarter in the previous year, the business posted $0.02 EPS. The business’s revenue for the quarter was up 30.1% on a year-over-year basis. On average, equities analysts forecast that Ringcentral, Inc. will post $0.17 EPS for the current year.
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RNG has been the topic of a number of research reports. BidaskClub cut shares of Ringcentral from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Dougherty & Co initiated coverage on shares of Ringcentral in a research note on Wednesday, April 26th. They issued a “buy” rating and a $36.00 price objective on the stock. Morgan Stanley raised shares of Ringcentral from an “equal weight” rating to an “overweight” rating and set a $33.00 price objective on the stock in a research note on Tuesday, April 11th. Summit Redstone reissued a “buy” rating and issued a $40.00 price objective (up from $36.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Finally, Jefferies Group LLC increased their price objective on shares of Ringcentral from $32.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, April 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $38.17.
In other Ringcentral news, CAO John H. Marlow sold 3,000 shares of Ringcentral stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $34.10, for a total transaction of $102,300.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 73,000 shares of Ringcentral stock in a transaction dated Thursday, July 13th. The shares were sold at an average price of $36.87, for a total value of $2,691,510.00. Following the transaction, the chief executive officer now directly owns 355,041 shares in the company, valued at approximately $13,090,361.67. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 358,251 shares of company stock worth $12,643,495. Company insiders own 14.53% of the company’s stock.
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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