SG Americas Securities LLC purchased a new stake in shares of Ringcentral, Inc. (NYSE:RNG) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 32,081 shares of the software maker’s stock, valued at approximately $1,173,000. SG Americas Securities LLC owned about 0.05% of Ringcentral as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Ameritas Investment Partners Inc. bought a new position in shares of Ringcentral during the first quarter valued at $143,000. Fortaleza Asset Management Inc. bought a new position in shares of Ringcentral during the first quarter valued at $157,000. Invictus RG bought a new position in shares of Ringcentral during the first quarter valued at $162,000. Amalgamated Bank bought a new position in shares of Ringcentral during the first quarter valued at $203,000. Finally, Westpac Banking Corp bought a new position in shares of Ringcentral during the first quarter valued at $214,000. 75.22% of the stock is owned by hedge funds and other institutional investors.
In other Ringcentral news, COO David Sipes sold 13,800 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $38.64, for a total value of $533,232.00. Following the completion of the transaction, the chief operating officer now directly owns 291,580 shares in the company, valued at approximately $11,266,651.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO John H. Marlow sold 11,000 shares of the company’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $35.80, for a total transaction of $393,800.00. Following the completion of the transaction, the chief accounting officer now owns 138,830 shares of the company’s stock, valued at $4,970,114. The disclosure for this sale can be found here. Insiders have sold a total of 348,998 shares of company stock valued at $13,647,190 in the last three months. 14.53% of the stock is currently owned by corporate insiders.
RNG has been the subject of several analyst reports. Oppenheimer Holdings, Inc. raised their price target on shares of Ringcentral from $33.00 to $45.00 in a research note on Thursday, July 13th. Craig Hallum reaffirmed a “buy” rating and set a $40.00 price target (up previously from $35.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Northland Securities set a $43.00 price target on shares of Ringcentral and gave the company a “buy” rating in a research note on Thursday, August 3rd. Jefferies Group LLC reaffirmed a “buy” rating and set a $38.00 price target on shares of Ringcentral in a research note on Thursday, August 3rd. Finally, SunTrust Banks, Inc. initiated coverage on shares of Ringcentral in a research note on Monday, June 26th. They set a “buy” rating and a $47.00 price target for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $39.17.
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Shares of Ringcentral, Inc. (NYSE:RNG) remained flat at $41.55 during trading on Friday. The company’s stock had a trading volume of 538,474 shares. The firm’s market capitalization is $3.18 billion. The company has a 50 day moving average of $39.00 and a 200-day moving average of $33.88. Ringcentral, Inc. has a 12 month low of $19.35 and a 12 month high of $43.05.
Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.01. The business had revenue of $119.40 million during the quarter, compared to analysts’ expectations of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The firm’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.02 EPS. On average, analysts expect that Ringcentral, Inc. will post $0.17 earnings per share for the current fiscal year.
Ringcentral Company Profile
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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