Sheets Smith Wealth Management acquired a new position in shares of RingCentral, Inc. (NYSE:RNG) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,077 shares of the software maker’s stock, valued at approximately $408,000.
Other large investors have also recently bought and sold shares of the company. Paces Ferry Wealth Advisors LLC acquired a new position in RingCentral during the 3rd quarter worth $29,000. Shine Investment Advisory Services Inc. lifted its holdings in RingCentral by 54.3% during the 3rd quarter. Shine Investment Advisory Services Inc. now owns 125 shares of the software maker’s stock worth $34,000 after buying an additional 44 shares in the last quarter. CX Institutional lifted its holdings in RingCentral by 211.4% during the 3rd quarter. CX Institutional now owns 137 shares of the software maker’s stock worth $38,000 after buying an additional 93 shares in the last quarter. NEXT Financial Group Inc acquired a new position in RingCentral during the 3rd quarter worth $40,000. Finally, NuWave Investment Management LLC lifted its holdings in RingCentral by 20,700.0% during the 4th quarter. NuWave Investment Management LLC now owns 208 shares of the software maker’s stock worth $79,000 after buying an additional 207 shares in the last quarter. 85.96% of the stock is currently owned by hedge funds and other institutional investors.
In other RingCentral news, CFO Mitesh Dhruv sold 10,410 shares of the stock in a transaction dated Tuesday, January 12th. The stock was sold at an average price of $387.97, for a total transaction of $4,038,767.70. Following the completion of the transaction, the chief financial officer now owns 119,816 shares in the company, valued at approximately $46,485,013.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director R Neil Williams sold 2,388 shares of the stock in a transaction dated Friday, January 8th. The stock was sold at an average price of $389.71, for a total transaction of $930,627.48. Following the transaction, the director now owns 15,466 shares of the company’s stock, valued at $6,027,254.86. The disclosure for this sale can be found here. In the last quarter, insiders have sold 215,617 shares of company stock valued at $68,961,388. Corporate insiders own 11.03% of the company’s stock.
RingCentral (NYSE:RNG) last released its earnings results on Monday, November 9th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.02. The firm had revenue of $303.60 million during the quarter, compared to analysts’ expectations of $273.34 million. RingCentral had a negative return on equity of 9.06% and a negative net margin of 9.52%. The company’s revenue was up 30.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.22 EPS. On average, analysts forecast that RingCentral, Inc. will post -0.68 earnings per share for the current fiscal year.
Several research analysts have issued reports on the company. Northland Securities upped their price objective on RingCentral from $320.00 to $340.00 in a report on Thursday, December 3rd. ValuEngine cut shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Tuesday, December 1st. Morgan Stanley upgraded shares of RingCentral from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $300.00 to $420.00 in a research report on Thursday, December 17th. BidaskClub upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 22nd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of RingCentral from $340.00 to $410.00 and gave the company a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $324.46.
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company's products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Professional, a cloud based virtual telephone service that provides inbound call answering and management services for professionals; and RingCentral Fax that provides online fax capabilities.
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