American National Registered Investment Advisor Inc. lessened its stake in RingCentral Inc (NYSE:RNG) by 1.4% during the first quarter, HoldingsChannel reports. The firm owned 11,126 shares of the software maker’s stock after selling 159 shares during the period. American National Registered Investment Advisor Inc.’s holdings in RingCentral were worth $1,199,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of RNG. Neuburgh Advisers LLC bought a new stake in RingCentral during the fourth quarter worth $25,000. Ffcm LLC purchased a new stake in RingCentral in the fourth quarter worth $27,000. CX Institutional purchased a new stake in RingCentral in the first quarter worth $36,000. Karp Capital Management Corp purchased a new stake in RingCentral in the fourth quarter worth $41,000. Finally, Parallel Advisors LLC increased its position in RingCentral by 416.7% in the first quarter. Parallel Advisors LLC now owns 620 shares of the software maker’s stock worth $67,000 after buying an additional 500 shares during the last quarter. Institutional investors own 81.48% of the company’s stock.
In other news, CFO Mitesh Dhruv sold 1,326 shares of RingCentral stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $106.58, for a total value of $141,325.08. Following the completion of the transaction, the chief financial officer now directly owns 132,887 shares in the company, valued at $14,163,096.46. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mckenna Michelle sold 2,000 shares of the business’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $103.44, for a total value of $206,880.00. Following the transaction, the director now owns 6,662 shares of the company’s stock, valued at $689,117.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 513,774 shares of company stock valued at $53,638,015. 11.99% of the stock is owned by company insiders.
Shares of NYSE RNG opened at $121.06 on Tuesday. The firm has a market capitalization of $9.71 billion, a PE ratio of -3,026.50 and a beta of 0.95. RingCentral Inc has a fifty-two week low of $64.41 and a fifty-two week high of $121.28. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.55 and a quick ratio of 3.55.
RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, May 6th. The software maker reported $0.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.02. The company had revenue of $201.50 million during the quarter, compared to analysts’ expectations of $193.54 million. RingCentral had a negative return on equity of 0.69% and a negative net margin of 3.89%. The firm’s quarterly revenue was up 34.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.16 earnings per share. As a group, equities research analysts predict that RingCentral Inc will post -0.43 earnings per share for the current year.
RNG has been the subject of a number of recent research reports. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $108.00 target price for the company in a research report on Friday, February 8th. Bank of America raised their target price on RingCentral from $117.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. TheStreet raised RingCentral from a “d+” rating to a “c” rating in a research report on Thursday, January 24th. Craig Hallum raised their target price on RingCentral from $95.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, February 12th. Finally, Robert W. Baird raised their target price on RingCentral from $100.00 to $120.00 and gave the stock a “positive” rating in a research report on Tuesday, February 12th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. RingCentral has a consensus rating of “Buy” and an average price target of $112.63.
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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