Potrero Capital Research LLC lowered its position in RingCentral, Inc. (NYSE:RNG) by 25.0% in the first quarter, HoldingsChannel reports. The fund owned 27,039 shares of the software maker’s stock after selling 9,000 shares during the quarter. RingCentral accounts for about 1.9% of Potrero Capital Research LLC’s portfolio, making the stock its 17th largest position. Potrero Capital Research LLC’s holdings in RingCentral were worth $8,054,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of RNG. Mercer Global Advisors Inc. ADV purchased a new stake in shares of RingCentral during the fourth quarter worth about $281,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of RingCentral by 965.6% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,023 shares of the software maker’s stock worth $388,000 after purchasing an additional 927 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of RingCentral by 316.7% during the fourth quarter. Federated Hermes Inc. now owns 450 shares of the software maker’s stock worth $171,000 after purchasing an additional 342 shares in the last quarter. Penserra Capital Management LLC increased its stake in shares of RingCentral by 18.4% during the fourth quarter. Penserra Capital Management LLC now owns 161 shares of the software maker’s stock worth $61,000 after purchasing an additional 25 shares in the last quarter. Finally, CWM Advisors LLC purchased a new stake in shares of RingCentral during the fourth quarter worth about $212,000. Institutional investors and hedge funds own 84.36% of the company’s stock.
A number of analysts have recently commented on RNG shares. Zacks Investment Research raised shares of RingCentral from a “strong sell” rating to a “hold” rating and set a $335.00 target price for the company in a research note on Tuesday, April 20th. Bank of America initiated coverage on shares of RingCentral in a research note on Tuesday, April 20th. They set a “buy” rating and a $450.00 price objective for the company. UBS Group initiated coverage on shares of RingCentral in a research note on Thursday, May 27th. They set a “neutral” rating and a $275.00 price objective for the company. BTIG Research dropped their price objective on shares of RingCentral from $450.00 to $400.00 and set a “buy” rating for the company in a research note on Wednesday, May 26th. Finally, Morgan Stanley dropped their price objective on shares of RingCentral from $455.00 to $390.00 and set an “overweight” rating for the company in a research note on Friday, May 14th. Three analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $427.00.
Shares of RingCentral stock traded up $0.26 during mid-day trading on Thursday, hitting $268.01. The stock had a trading volume of 2,224 shares, compared to its average volume of 919,966. The firm’s 50-day simple moving average is $271.60. RingCentral, Inc. has a 12-month low of $229.00 and a 12-month high of $449.00. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 6.22. The company has a market cap of $24.35 billion, a price-to-earnings ratio of -1,071.00 and a beta of 0.70.
RingCentral (NYSE:RNG) last issued its quarterly earnings data on Tuesday, May 4th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate of $0.25 by $0.02. RingCentral had a negative net margin of 1.77% and a negative return on equity of 27.38%. The firm had revenue of $352.36 million for the quarter, compared to analyst estimates of $339.43 million. During the same period in the prior year, the business posted $0.19 EPS. The business’s revenue for the quarter was up 31.7% compared to the same quarter last year. On average, equities research analysts anticipate that RingCentral, Inc. will post -2.13 earnings per share for the current year.
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. Its 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 Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.
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