Capital Impact Advisors LLC Decreases Position in RingCentral Inc (RNG)
Capital Impact Advisors LLC trimmed its holdings in shares of RingCentral Inc (NYSE:RNG) by 17.9% in the third quarter, Holdings Channel reports. The fund owned 43,464 shares of the software maker’s stock after selling 9,498 shares during the period. RingCentral makes up 1.4% of Capital Impact Advisors LLC’s investment portfolio, making the stock its 9th largest position. Capital Impact Advisors LLC’s holdings in RingCentral were worth $4,088,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of RNG. US Bancorp DE grew its holdings in RingCentral by 141.7% during the second quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock valued at $123,000 after purchasing an additional 1,023 shares during the period. Cerebellum GP LLC bought a new position in RingCentral during the second quarter valued at $183,000. Sun Life Financial INC bought a new position in RingCentral during the second quarter valued at $185,000. NewSquare Capital LLC bought a new position in RingCentral during the second quarter valued at $188,000. Finally, NumerixS Investment Technologies Inc bought a new position in RingCentral during the second quarter valued at $198,000. 77.59% of the stock is owned by institutional investors.
In other news, COO David Sipes sold 6,100 shares of the firm’s stock in a transaction on Thursday, October 11th. The stock was sold at an average price of $75.96, for a total value of $463,356.00. Following the completion of the transaction, the chief operating officer now directly owns 277,992 shares of the company’s stock, valued at $21,116,272.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 39,032 shares of the firm’s stock in a transaction on Thursday, October 11th. The stock was sold at an average price of $78.40, for a total value of $3,060,108.80. Following the completion of the transaction, the chief executive officer now directly owns 311,783 shares of the company’s stock, valued at $24,443,787.20. The disclosure for this sale can be found here. Insiders sold 257,649 shares of company stock valued at $22,985,768 over the last ninety days. Corporate insiders own 11.99% of the company’s stock.
RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, August 6th. The software maker reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.04. RingCentral had a negative return on equity of 5.93% and a negative net margin of 3.92%. The firm had revenue of $160.83 million during the quarter, compared to analyst estimates of $155.71 million. During the same period last year, the company earned $0.04 earnings per share. The business’s revenue for the quarter was up 34.1% on a year-over-year basis. Analysts anticipate that RingCentral Inc will post -0.13 EPS for the current fiscal year.
RNG has been the subject of several research reports. Rosenblatt Securities initiated coverage on RingCentral in a report on Friday, September 7th. They set a “buy” rating and a $105.00 price objective for the company. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $83.00 price objective for the company in a report on Wednesday, July 11th. Stifel Nicolaus initiated coverage on RingCentral in a report on Wednesday, July 11th. They set a “buy” rating and a $100.00 price objective for the company. Craig Hallum increased their price objective on RingCentral from $84.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Finally, JPMorgan Chase & Co. increased their price objective on RingCentral to $90.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. RingCentral currently has a consensus rating of “Buy” and an average price target of $89.47.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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