Timpani Capital Management LLC grew its stake in Ringcentral, Inc. (NYSE:RNG) by 83.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 124,977 shares of the software maker’s stock after purchasing an additional 56,914 shares during the period. Ringcentral makes up approximately 1.7% of Timpani Capital Management LLC’s portfolio, making the stock its 15th biggest holding. Timpani Capital Management LLC owned about 0.20% of Ringcentral worth $4,568,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in RNG. BlackRock Inc. boosted its position in Ringcentral by 64,315.0% during the first quarter. BlackRock Inc. now owns 3,827,538 shares of the software maker’s stock worth $108,320,000 after purchasing an additional 3,821,596 shares in the last quarter. FMR LLC boosted its position in Ringcentral by 399.9% during the first quarter. FMR LLC now owns 2,073,108 shares of the software maker’s stock worth $58,668,000 after purchasing an additional 1,658,408 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Ringcentral during the first quarter worth $15,197,000. Vanguard Group Inc. boosted its position in Ringcentral by 9.4% during the first quarter. Vanguard Group Inc. now owns 5,184,049 shares of the software maker’s stock worth $146,709,000 after purchasing an additional 446,995 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Ringcentral by 403.7% during the second quarter. Russell Investments Group Ltd. now owns 453,773 shares of the software maker’s stock worth $16,585,000 after purchasing an additional 363,686 shares in the last quarter. 75.22% of the stock is currently owned by hedge funds and other institutional investors.
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In related news, CEO Vladimir Shmunis sold 73,000 shares of the business’s stock in a transaction dated Thursday, July 13th. The shares were sold at an average price of $36.87, for a total transaction of $2,691,510.00. Following the transaction, the chief executive officer now directly owns 355,041 shares in the company, valued at $13,090,361.67. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO David Sipes sold 7,800 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $42.11, for a total transaction of $328,458.00. Following the transaction, the chief operating officer now owns 293,380 shares in the company, valued at $12,354,231.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 348,998 shares of company stock valued at $13,647,190. 14.53% of the stock is currently owned by insiders.
Shares of Ringcentral, Inc. (NYSE RNG) remained flat at $41.55 during trading on Friday. 538,474 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $39.00 and its 200 day moving average price is $33.88. Ringcentral, Inc. has a 52-week low of $19.35 and a 52-week high of $43.05. The firm’s market capitalization is $3.18 billion.
Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. The firm had revenue of $119.40 million during the quarter, compared to the consensus estimate of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The business’s revenue was up 30.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 earnings per share. On average, equities research analysts predict that Ringcentral, Inc. will post $0.17 earnings per share for the current year.
Several research firms recently commented on RNG. BidaskClub upgraded Ringcentral from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Stephens reiterated an “overweight” rating and issued a $44.00 target price on shares of Ringcentral in a research note on Sunday, June 25th. Northland Securities reiterated a “buy” rating and issued a $37.00 target price on shares of Ringcentral in a research note on Friday, June 23rd. Oppenheimer Holdings, Inc. increased their target price on Ringcentral from $33.00 to $45.00 in a research note on Thursday, July 13th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $38.00 price target on shares of Ringcentral in a report on Sunday, July 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $39.17.
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.
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