Moody Aldrich Partners LLC lessened its position in RingCentral Inc (NYSE:RNG) by 40.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,390 shares of the software maker’s stock after selling 955 shares during the quarter. Moody Aldrich Partners LLC’s holdings in RingCentral were worth $396,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the company. Capital Advisory Group Advisory Services LLC purchased a new position in RingCentral in the 1st quarter worth about $26,000. Global Retirement Partners LLC increased its stake in RingCentral by 89.1% in the 2nd quarter. Global Retirement Partners LLC now owns 104 shares of the software maker’s stock worth $30,000 after buying an additional 49 shares during the period. Ellevest Inc. increased its stake in RingCentral by 89.7% in the 1st quarter. Ellevest Inc. now owns 184 shares of the software maker’s stock worth $39,000 after buying an additional 87 shares during the period. Exane Derivatives increased its stake in RingCentral by 2,077.8% in the 1st quarter. Exane Derivatives now owns 196 shares of the software maker’s stock worth $42,000 after buying an additional 187 shares during the period. Finally, Bedel Financial Consulting Inc. purchased a new position in RingCentral in the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 86.07% of the company’s stock.
Several research analysts recently commented on RNG shares. BTIG Research raised their price target on shares of RingCentral from $275.00 to $325.00 in a research note on Thursday, June 25th. Oppenheimer raised their target price on shares of RingCentral from $203.00 to $270.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Deutsche Bank raised their target price on shares of RingCentral from $275.00 to $310.00 in a research report on Tuesday, July 28th. Morgan Stanley raised their target price on shares of RingCentral from $250.00 to $280.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 22nd. Finally, Goldman Sachs Group raised their target price on shares of RingCentral from $275.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $274.73.
RingCentral (NYSE:RNG) last posted its earnings results on Wednesday, May 6th. The software maker reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. The firm had revenue of $267.51 million during the quarter, compared to analyst estimates of $248.83 million. RingCentral had a negative net margin of 11.14% and a negative return on equity of 6.09%. The business’s quarterly revenue was up 32.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 EPS. On average, equities research analysts predict that RingCentral Inc will post -0.66 EPS for the current fiscal year.
In related news, CAO John H. Marlow sold 968 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $294.88, for a total value of $285,443.84. Following the completion of the sale, the chief accounting officer now owns 174,349 shares of the company’s stock, valued at approximately $51,412,033.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Vaibhav Agarwal sold 480 shares of the business’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $279.64, for a total transaction of $134,227.20. Following the completion of the sale, the chief accounting officer now directly owns 20,284 shares of the company’s stock, valued at approximately $5,672,217.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 99,015 shares of company stock valued at $26,425,565. Insiders own 11.03% of the company’s stock.
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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