DnB Asset Management AS trimmed its position in RingCentral, Inc. (NYSE:RNG – Get Rating) by 2.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,277 shares of the software maker's stock after selling 319 shares during the quarter. DnB Asset Management AS's holdings in RingCentral were worth $589,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Credit Agricole S A lifted its holdings in shares of RingCentral by 9.6% in the fourth quarter. Credit Agricole S A now owns 744 shares of the software maker's stock worth $139,000 after buying an additional 65 shares in the last quarter. M&T Bank Corp increased its position in shares of RingCentral by 6.0% in the first quarter. M&T Bank Corp now owns 2,673 shares of the software maker's stock worth $313,000 after purchasing an additional 151 shares during the last quarter. Oppenheimer & Co. Inc. increased its position in shares of RingCentral by 4.2% in the first quarter. Oppenheimer & Co. Inc. now owns 4,941 shares of the software maker's stock worth $579,000 after purchasing an additional 200 shares during the last quarter. Newbridge Financial Services Group Inc. increased its position in shares of RingCentral by 177.9% in the first quarter. Newbridge Financial Services Group Inc. now owns 314 shares of the software maker's stock worth $37,000 after purchasing an additional 201 shares during the last quarter. Finally, Gagnon Securities LLC increased its position in shares of RingCentral by 7.6% in the first quarter. Gagnon Securities LLC now owns 2,994 shares of the software maker's stock worth $351,000 after purchasing an additional 211 shares during the last quarter. 86.29% of the stock is owned by hedge funds and other institutional investors.
Get RingCentral alerts:Insider Buying and Selling at RingCentral
In other RingCentral news, CAO Vaibhav Agarwal sold 1,960 shares of the firm's stock in a transaction on 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 owns 109,957 shares of the company's stock, valued at $5,523,140.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other RingCentral news, CAO Vaibhav Agarwal sold 1,960 shares of the firm's stock in a transaction on 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 owns 109,957 shares of the company's stock, valued at $5,523,140.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO John H. Marlow sold 6,047 shares of the firm's stock in a transaction on Monday, August 29th. The shares were sold at an average price of $42.05, for a total value of $254,276.35. Following 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,884 shares of company stock valued at $763,314. 7.35% of the stock is currently owned by company insiders.
RingCentral Stock Performance
Shares of RNG stock opened at $41.66 on Friday. The stock has a fifty day moving average of $47.54 and a 200 day moving average of $69.87. RingCentral, Inc. has a 52 week low of $40.59 and a 52 week high of $315.00. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of -6.77 and a beta of 0.98. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 33.52.RingCentral (NYSE:RNG – Get Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The software maker reported ($0.57) EPS for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.10). RingCentral had a negative return on equity of 233.94% and a negative net margin of 31.67%. The business had revenue of $486.90 million during the quarter, compared to analysts' expectations of $478.98 million. As a group, research analysts expect that RingCentral, Inc. will post -1.42 earnings per share for the current year.
Analysts Set New Price Targets
Several research firms recently weighed in on RNG. Morgan Stanley decreased their price objective on shares of RingCentral from $105.00 to $75.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 14th. Mizuho decreased their price objective on shares of RingCentral from $150.00 to $80.00 and set a "buy" rating on the stock in a research report on Wednesday, August 3rd. KeyCorp started coverage on shares of RingCentral in a research report on Monday, September 12th. They issued an "overweight" rating and a $59.00 price objective on the stock. Needham & Company LLC cut shares of RingCentral from a "buy" rating to a "hold" rating in a research report on Wednesday, July 6th. Finally, BTIG Research reduced their price target on shares of RingCentral from $120.00 to $105.00 and set a "buy" rating on the stock in a research report on Wednesday, August 3rd. Five research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, RingCentral presently has an average rating of "Moderate Buy" and a consensus price target of $130.13.
RingCentral Company 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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