The Manufacturers Life Insurance Company cut its stake in RingCentral Inc (NYSE:RNG) by 49.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 265,273 shares of the software maker’s stock after selling 256,428 shares during the period. The Manufacturers Life Insurance Company owned 0.34% of RingCentral worth $16,845,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of RNG. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of RingCentral by 108.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock valued at $161,000 after purchasing an additional 1,735 shares during the period. IFP Advisors Inc acquired a new position in shares of RingCentral during the first quarter valued at $198,000. Stifel Financial Corp acquired a new position in shares of RingCentral during the first quarter valued at $201,000. Brinker Capital Inc. acquired a new position in shares of RingCentral during the first quarter valued at $238,000. Finally, Invictus RG acquired a new position in shares of RingCentral during the fourth quarter valued at $269,000. 77.11% of the stock is currently owned by hedge funds and other institutional investors.
Shares of RingCentral opened at $72.35 on Friday, MarketBeat.com reports. RingCentral Inc has a fifty-two week low of $34.10 and a fifty-two week high of $81.20. The company has a current ratio of 4.71, a quick ratio of 4.71 and a debt-to-equity ratio of 1.29.
RingCentral (NYSE:RNG) last announced its earnings results on Wednesday, May 9th. The software maker reported $0.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.04. RingCentral had a negative return on equity of 9.90% and a negative net margin of 3.99%. The business had revenue of $150.00 million during the quarter, compared to analysts’ expectations of $145.41 million. During the same quarter last year, the business posted $0.03 earnings per share. The company’s quarterly revenue was up 33.9% on a year-over-year basis. equities research analysts expect that RingCentral Inc will post -0.2 EPS for the current fiscal year.
RingCentral declared that its board has authorized a share buyback plan on Tuesday, February 27th that authorizes the company to repurchase $35.00 million in shares. This repurchase authorization authorizes the software maker to buy shares of its stock through a private placement purchase. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, insider Praful Shah sold 10,000 shares of the stock in a transaction on Wednesday, April 4th. The stock was sold at an average price of $62.10, for a total value of $621,000.00. Following the completion of the transaction, the insider now owns 305,629 shares in the company, valued at approximately $18,979,560.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO John H. Marlow sold 12,500 shares of the stock in a transaction on Tuesday, May 29th. The shares were sold at an average price of $74.26, for a total value of $928,250.00. Following the completion of the transaction, the chief accounting officer now owns 155,119 shares of the company’s stock, valued at approximately $11,519,136.94. The disclosure for this sale can be found here. Insiders have sold 251,472 shares of company stock valued at $18,306,258 in the last ninety days. Company insiders own 11.99% of the company’s stock.
RNG has been the topic of a number of research analyst reports. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Wednesday, April 18th. Morgan Stanley raised their price target on RingCentral from $60.00 to $66.00 and gave the company a “hold” rating in a report on Friday, April 27th. ValuEngine raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 2nd. JPMorgan Chase & Co. raised their price target on RingCentral to $76.00 and gave the company a “neutral” rating in a report on Thursday, May 10th. They noted that the move was a valuation call. Finally, Jefferies Financial Group raised their price target on RingCentral from $81.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, May 10th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $67.23.
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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