Lisanti Capital Growth LLC lessened its holdings in shares of RingCentral Inc (NYSE:RNG) by 46.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 20,035 shares of the software maker’s stock after selling 17,040 shares during the period. Lisanti Capital Growth LLC’s holdings in RingCentral were worth $1,864,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Los Angeles Capital Management & Equity Research Inc. raised its position in RingCentral by 51.2% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 35,190 shares of the software maker’s stock valued at $3,274,000 after buying an additional 11,910 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in RingCentral in the 3rd quarter valued at approximately $233,000. Cambridge Investment Research Advisors Inc. acquired a new stake in RingCentral in the 3rd quarter valued at approximately $253,000. Meeder Asset Management Inc. raised its position in RingCentral by 83.5% in the 3rd quarter. Meeder Asset Management Inc. now owns 10,302 shares of the software maker’s stock valued at $958,000 after buying an additional 4,688 shares during the last quarter. Finally, Stratos Wealth Partners LTD. acquired a new stake in RingCentral in the 3rd quarter valued at approximately $727,000. Institutional investors and hedge funds own 78.47% of the company’s stock.
A number of equities research analysts recently issued reports on the company. Craig Hallum lifted their target price on RingCentral from $84.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, August 7th. TheStreet lowered RingCentral from a “c” rating to a “d+” rating in a research report on Tuesday. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a research report on Friday. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of RingCentral in a research report on Wednesday. Finally, Bank of America dropped their target price on RingCentral from $100.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $89.80.
In other RingCentral news, CFO Mitesh Dhruv sold 1,264 shares of the business’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $94.60, for a total transaction of $119,574.40. Following the transaction, the chief financial officer now owns 159,952 shares of the company’s stock, valued at approximately $15,131,459.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mckenna Michelle sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, November 8th. The stock was sold at an average price of $84.53, for a total value of $211,325.00. Following the transaction, the director now directly owns 11,162 shares in the company, valued at approximately $943,523.86. The disclosure for this sale can be found here. Insiders have sold a total of 250,849 shares of company stock worth $22,442,584 in the last ninety days. Insiders own 11.99% of the company’s stock.
NYSE:RNG opened at $86.22 on Friday. The company has a market cap of $6.04 billion, a price-to-earnings ratio of -246.34 and a beta of 1.02. RingCentral Inc has a twelve month low of $43.85 and a twelve month high of $98.15. 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 (NYSE:RNG) last posted its quarterly earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.03. The firm had revenue of $173.83 million for the quarter, compared to analyst estimates of $166.70 million. RingCentral had a negative return on equity of 3.84% and a negative net margin of 4.25%. The business’s quarterly revenue was up 33.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.06 EPS. Research analysts forecast that RingCentral Inc will post -0.09 EPS for the current fiscal year.
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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