Diversified Trust Co purchased a new position in RingCentral, Inc. (NYSE:RNG – Get Rating) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,254 shares of the software maker's stock, valued at approximately $222,000.
A number of other institutional investors have also recently made changes to their positions in the stock. Credit Agricole S A increased its holdings in shares of RingCentral by 9.6% in the 4th quarter. Credit Agricole S A now owns 744 shares of the software maker's stock worth $139,000 after buying an additional 65 shares during the last quarter. M&T Bank Corp increased its holdings in shares of RingCentral by 6.0% in the 1st quarter. M&T Bank Corp now owns 2,673 shares of the software maker's stock worth $313,000 after buying an additional 151 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of RingCentral by 4.2% in the 1st quarter. Oppenheimer & Co. Inc. now owns 4,941 shares of the software maker's stock worth $579,000 after buying an additional 200 shares during the last quarter. Newbridge Financial Services Group Inc. increased its holdings in shares of RingCentral by 177.9% in the 1st quarter. Newbridge Financial Services Group Inc. now owns 314 shares of the software maker's stock worth $37,000 after buying an additional 201 shares during the last quarter. Finally, Gagnon Securities LLC increased its holdings in shares of RingCentral by 7.6% in the 1st quarter. Gagnon Securities LLC now owns 2,994 shares of the software maker's stock worth $351,000 after buying an additional 211 shares during the last quarter. Institutional investors own 86.29% of the company's stock.
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RingCentral Trading Down 2.1 %
NYSE:RNG opened at $40.80 on Friday. The company has a 50-day moving average price of $47.38 and a 200-day moving average price of $69.06. RingCentral, Inc. has a 12 month low of $40.09 and a 12 month high of $315.00. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 33.52. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of -6.63 and a beta of 0.98.
RingCentral (NYSE:RNG – Get Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The software maker reported ($0.57) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.10). RingCentral had a negative net
margin of 31.67% and a negative return on equity of 233.94%. The business had revenue of $486.90 million for the quarter, compared to analysts' expectations of $478.98 million. Equities analysts predict that RingCentral, Inc. will post -1.42 EPS for the current year.
Analyst Ratings Changes
A number of equities analysts have recently commented on the stock. Wells Fargo & Company decreased their price target on shares of RingCentral from $115.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, August 3rd. BTIG Research reduced their target price on shares of RingCentral from $120.00 to $105.00 and set a "buy" rating on the stock in a report on Wednesday, August 3rd. Moffett Nathanson assumed coverage on shares of RingCentral in a report on Thursday. They set a "buy" rating and a $90.00 target price on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on shares of RingCentral from $110.00 to $70.00 and set a "buy" rating on the stock in a report on Wednesday, August 3rd. Finally, UBS Group reduced their target price on shares of RingCentral from $84.00 to $60.00 and set a "neutral" rating on the stock in a report on Wednesday, August 3rd. Six research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $126.38.
Insider Activity at RingCentral
In related news, CAO Vaibhav Agarwal sold 1,960 shares of RingCentral stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $50.23, for a total transaction of $98,450.80. Following the completion of the transaction, the chief accounting officer now directly owns 109,957 shares of the company's stock, valued at approximately $5,523,140.11. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO John H. Marlow sold 6,047 shares of RingCentral stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $42.05, for a total transaction of $254,276.35. Following the completion of the transaction, the chief accounting officer now directly owns 202,198 shares of the company's stock, valued at approximately $8,502,425.90. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Vaibhav Agarwal sold 1,960 shares of RingCentral stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $50.23, for a total transaction of $98,450.80. Following the completion of the transaction, the chief accounting officer now directly owns 109,957 shares of the company's stock, valued at $5,523,140.11. The disclosure for this sale can be found here. Insiders sold a total of 16,884 shares of company stock valued at $763,314 in the last three months. Company insiders own 7.35% of the company's stock.
RingCentral Profile
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RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm's solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.
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