BlackRock Inc. lifted its holdings in shares of RingCentral Inc (NYSE:RNG) by 17.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,110,028 shares of the software maker’s stock after acquiring an additional 750,564 shares during the period. BlackRock Inc. owned 6.61% of RingCentral worth $247,325,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of RNG. Swiss National Bank increased its position in RingCentral by 1.8% during the third quarter. Swiss National Bank now owns 93,800 shares of the software maker’s stock worth $3,916,000 after buying an additional 1,700 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in RingCentral by 108.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock worth $161,000 after buying an additional 1,735 shares during the period. Jane Street Group LLC increased its position in RingCentral by 21.1% during the third quarter. Jane Street Group LLC now owns 10,823 shares of the software maker’s stock worth $452,000 after buying an additional 1,886 shares during the period. Crow Point Partners LLC acquired a new position in RingCentral during the fourth quarter worth approximately $116,000. Finally, Legal & General Group Plc increased its position in RingCentral by 13.3% during the third quarter. Legal & General Group Plc now owns 25,623 shares of the software maker’s stock worth $1,066,000 after buying an additional 3,011 shares during the period. 75.76% of the stock is currently owned by institutional investors and hedge funds.
RingCentral Inc (NYSE:RNG) opened at $67.15 on Tuesday. The stock has a market capitalization of $5,190.00, a P/E ratio of -78.08 and a beta of 0.68. RingCentral Inc has a twelve month low of $25.92 and a twelve month high of $67.60.
RingCentral announced that its board has authorized a share buyback plan on Tuesday, February 27th that allows the company to repurchase $35.00 million in outstanding shares. This repurchase authorization allows the software maker to repurchase shares of its stock through a private placement purchase. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
In other news, insider Praful Shah sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 8th. The stock was sold at an average price of $66.13, for a total value of $661,300.00. Following the transaction, the insider now owns 305,629 shares of the company’s stock, valued at $20,211,245.77. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 52,509 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $64.06, for a total value of $3,363,726.54. Following the completion of the transaction, the chief executive officer now directly owns 300,154 shares in the company, valued at approximately $19,227,865.24. The disclosure for this sale can be found here. In the last three months, insiders sold 196,459 shares of company stock worth $11,897,990. Corporate insiders own 14.53% of the company’s stock.
Several research firms have commented on RNG. Northland Securities set a $61.00 price target on RingCentral and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Morgan Stanley set a $60.00 price target on RingCentral and gave the stock a “hold” rating in a research report on Tuesday, February 13th. Craig Hallum lifted their price target on RingCentral from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Oppenheimer lifted their price target on RingCentral from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 13th. Finally, Stephens reaffirmed a “buy” rating and set a $60.00 price target on shares of RingCentral in a research report on Tuesday, February 13th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $53.79.
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RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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