GSA Capital Partners LLP grew its stake in RingCentral Inc (NYSE:RNG) by 56.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,525 shares of the software maker’s stock after acquiring an additional 26,386 shares during the quarter. RingCentral comprises approximately 0.3% of GSA Capital Partners LLP’s portfolio, making the stock its 25th biggest holding. GSA Capital Partners LLP’s holdings in RingCentral were worth $5,172,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently modified their holdings of RNG. US Bancorp DE lifted its position in RingCentral by 141.7% during the second quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock worth $123,000 after buying an additional 1,023 shares during the period. Cerebellum GP LLC purchased a new position in RingCentral during the second quarter worth about $183,000. NewSquare Capital LLC purchased a new position in RingCentral during the second quarter worth about $188,000. IFP Advisors Inc purchased a new position in RingCentral during the first quarter worth about $198,000. Finally, Stifel Financial Corp purchased a new position in RingCentral during the first quarter worth about $201,000. Institutional investors and hedge funds own 77.45% of the company’s stock.
RingCentral stock opened at $89.75 on Wednesday. The stock has a market capitalization of $7.11 billion, a PE ratio of -256.43 and a beta of 0.70. The company has a current ratio of 4.32, a quick ratio of 4.32 and a debt-to-equity ratio of 1.24. RingCentral Inc has a 12 month low of $37.40 and a 12 month high of $91.15.
RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, August 6th. The software maker reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.04. The company had revenue of $160.83 million for the quarter, compared to the consensus estimate of $155.71 million. RingCentral had a negative return on equity of 5.93% and a negative net margin of 3.92%. The company’s quarterly revenue was up 34.1% compared to the same quarter last year. During the same period last year, the business posted $0.04 EPS. equities analysts forecast that RingCentral Inc will post -0.14 earnings per share for the current fiscal year.
In other news, Director Mckenna Michelle sold 6,789 shares of the firm’s stock in a transaction dated Tuesday, May 29th. The stock was sold at an average price of $73.90, for a total value of $501,707.10. Following the transaction, the director now directly owns 10,578 shares in the company, valued at approximately $781,714.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO David Sipes sold 9,300 shares of the firm’s stock in a transaction dated Wednesday, July 25th. The stock was sold at an average price of $81.13, for a total value of $754,509.00. Following the completion of the transaction, the chief operating officer now owns 299,695 shares in the company, valued at $24,314,255.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 69,962 shares of company stock worth $5,342,553. Company insiders own 11.99% of the company’s stock.
Several equities analysts recently weighed in on RNG shares. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a research report on Wednesday, July 11th. SunTrust Banks increased their target price on RingCentral to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 10th. Jefferies Financial Group reiterated a “buy” rating and set a $97.00 target price on shares of RingCentral in a research report on Tuesday, August 7th. JPMorgan Chase & Co. increased their target price on RingCentral to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 7th. They noted that the move was a valuation call. Finally, Craig Hallum increased their target price on RingCentral from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, May 10th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $86.46.
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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