potrero capital research llc trimmed its position in Ringcentral, Inc. (NYSE:RNG) by 11.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,757 shares of the software maker’s stock after selling 21,461 shares during the quarter. Ringcentral accounts for 5.6% of potrero capital research llc’s holdings, making the stock its 4th biggest holding. potrero capital research llc owned 0.26% of Ringcentral worth $5,949,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of RNG. Nationwide Fund Advisors grew its holdings in Ringcentral by 101.9% in the 1st quarter. Nationwide Fund Advisors now owns 84,797 shares of the software maker’s stock valued at $2,400,000 after buying an additional 42,788 shares in the last quarter. Strs Ohio acquired a new position in Ringcentral in the 1st quarter valued at $580,000. Russell Investments Group Ltd. grew its holdings in Ringcentral by 71.3% in the 1st quarter. Russell Investments Group Ltd. now owns 90,087 shares of the software maker’s stock valued at $2,549,000 after buying an additional 37,487 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Ringcentral by 2.4% in the 1st quarter. Bank of New York Mellon Corp now owns 242,343 shares of the software maker’s stock valued at $6,858,000 after buying an additional 5,627 shares in the last quarter. Finally, Suntrust Banks Inc. acquired a new position in Ringcentral in the 1st quarter valued at $267,000. 75.22% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director R Neil Williams sold 22,000 shares of the business’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $39.50, for a total transaction of $869,000.00. Following the sale, the director now directly owns 6,921 shares in the company, valued at approximately $273,379.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 101,452 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $38.20, for a total value of $3,875,466.40. Following the sale, the chief executive officer now owns 355,041 shares in the company, valued at $13,562,566.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 358,998 shares of company stock worth $14,057,990. 14.53% of the stock is currently owned by corporate insiders.
A number of research analysts have commented on the company. BidaskClub raised Ringcentral from a “hold” rating to a “buy” rating in a report on Wednesday, August 16th. Craig Hallum reaffirmed a “buy” rating and issued a $40.00 price objective (up from $35.00) on shares of Ringcentral in a report on Thursday, August 3rd. Stephens reaffirmed an “overweight” rating and issued a $44.00 price objective on shares of Ringcentral in a report on Sunday, June 25th. Northland Securities reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Ringcentral in a report on Friday, June 23rd. Finally, Oppenheimer Holdings, Inc. upped their price objective on Ringcentral from $33.00 to $45.00 in a report on Thursday, July 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $39.17.
ILLEGAL ACTIVITY WARNING: “Ringcentral, Inc. (RNG) is potrero capital research llc’s 4th Largest Position” was first published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this piece on another website, it was illegally stolen and reposted in violation of US & international copyright & trademark laws. The correct version of this piece can be read at https://ledgergazette.com/2017/09/24/ringcentral-inc-rng-is-potrero-capital-research-llcs-4th-largest-position.html.
Ringcentral, Inc. (NYSE RNG) traded up 0.13% during mid-day trading on Friday, hitting $39.85. The stock had a trading volume of 321,547 shares. Ringcentral, Inc. has a 52 week low of $19.35 and a 52 week high of $43.05. The stock’s market capitalization is $3.05 billion. The company’s 50 day moving average is $39.36 and its 200-day moving average is $34.20.
Ringcentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The company had revenue of $119.40 million for the quarter, compared to analyst estimates of $118.19 million. During the same period in the previous year, the company posted $0.02 EPS. The firm’s revenue for the quarter was up 30.1% compared to the same quarter last year. On average, analysts expect that Ringcentral, Inc. will post $0.17 EPS for the current fiscal year.
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.
Want to see what other hedge funds are holding RNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ringcentral, Inc. (NYSE:RNG).
Receive News & Ratings for Ringcentral Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ringcentral Inc. and related companies with MarketBeat.com's FREE daily email newsletter.