JPMorgan Chase & Co. Sells 54,609 Shares of Ringcentral, Inc. (RNG)
JPMorgan Chase & Co. cut its holdings in shares of Ringcentral, Inc. (NYSE:RNG) by 4.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,189,075 shares of the software maker’s stock after selling 54,609 shares during the period. JPMorgan Chase & Co. owned 1.91% of Ringcentral worth $43,460,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Swiss National Bank boosted its stake in shares of Ringcentral by 9.4% during the second quarter. Swiss National Bank now owns 92,100 shares of the software maker’s stock valued at $3,366,000 after purchasing an additional 7,900 shares in the last quarter. Eagle Asset Management Inc. bought a new position in shares of Ringcentral during the second quarter valued at approximately $9,906,000. Chicago Equity Partners LLC bought a new position in shares of Ringcentral during the second quarter valued at approximately $4,292,000. Principal Financial Group Inc. boosted its stake in shares of Ringcentral by 58.5% during the second quarter. Principal Financial Group Inc. now owns 13,264 shares of the software maker’s stock valued at $485,000 after purchasing an additional 4,898 shares in the last quarter. Finally, Brighton Jones LLC bought a new position in shares of Ringcentral during the second quarter valued at approximately $677,000. Hedge funds and other institutional investors own 75.22% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This news story was first reported by Daily Political and is the property of of Daily Political. If you are accessing this news story on another publication, it was copied illegally and reposted in violation of U.S. and international trademark and copyright laws. The legal version of this news story can be read at https://www.dailypolitical.com/2017/09/15/jpmorgan-chase-co-sells-54609-shares-of-ringcentral-inc-rng.html.
A number of equities analysts have recently issued reports on the stock. BidaskClub upgraded shares of Ringcentral from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Stephens reiterated an “overweight” rating and set a $44.00 price objective on shares of Ringcentral in a research note on Sunday, June 25th. Northland Securities reiterated a “buy” rating and set a $37.00 price objective on shares of Ringcentral in a research note on Friday, June 23rd. Oppenheimer Holdings, Inc. increased their price objective on shares of Ringcentral from $33.00 to $45.00 in a research note on Thursday, July 13th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $38.00 price objective on shares of Ringcentral in a research note on Sunday, July 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $39.17.
Shares of Ringcentral, Inc. (NYSE RNG) opened at 41.53 on Friday. The firm has a 50-day moving average of $38.84 and a 200 day moving average of $33.78. The firm’s market capitalization is $3.18 billion. Ringcentral, Inc. has a 52 week low of $19.35 and a 52 week high of $43.05.
Ringcentral (NYSE:RNG) last issued its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.01. The firm had revenue of $119.40 million for the quarter, compared to analysts’ expectations of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The firm’s revenue was up 30.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.02 EPS. On average, equities research analysts expect that Ringcentral, Inc. will post $0.17 EPS for the current fiscal year.
In related news, CAO John H. Marlow sold 6,000 shares of the stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $42.43, for a total value of $254,580.00. Following the sale, the chief accounting officer now directly owns 133,101 shares of the company’s stock, valued at approximately $5,647,475.43. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mitesh Dhruv sold 3,000 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $38.16, for a total transaction of $114,480.00. Following the completion of the sale, the chief financial officer now directly owns 138,113 shares in the company, valued at $5,270,392.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 348,998 shares of company stock worth $13,647,190. 14.53% of the stock is owned by corporate insiders.
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.
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.