Alliancebernstein L.P. cut its position in RingCentral Inc (NYSE:RNG) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,056,878 shares of the software maker’s stock after selling 19,614 shares during the period. Alliancebernstein L.P. owned 1.37% of RingCentral worth $51,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently modified their holdings of RNG. Crow Point Partners LLC acquired a new stake in shares of RingCentral in the fourth quarter worth approximately $116,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of RingCentral by 108.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock worth $161,000 after acquiring an additional 1,735 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in shares of RingCentral in the fourth quarter worth approximately $174,000. Parametrica Management Ltd acquired a new stake in shares of RingCentral in the fourth quarter worth approximately $202,000. Finally, CIBC World Markets Inc. acquired a new stake in shares of RingCentral in the fourth quarter worth approximately $215,000. 75.76% of the stock is currently owned by hedge funds and other institutional investors.
In other RingCentral news, CEO Vladimir Shmunis sold 8,018 shares of RingCentral stock in a transaction on Monday, March 12th. The stock was sold at an average price of $66.99, for a total value of $537,125.82. Following the sale, the chief executive officer now owns 271,701 shares in the company, valued at $18,201,249.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Praful Shah sold 10,000 shares of RingCentral stock in a transaction on Thursday, March 8th. The shares were sold at an average price of $66.13, for a total value of $661,300.00. Following the completion of the sale, the insider now owns 305,629 shares in the company, valued at approximately $20,211,245.77. The disclosure for this sale can be found here. Insiders sold 203,196 shares of company stock worth $12,518,188 in the last 90 days. Company insiders own 14.53% of the company’s stock.
RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01. The company had revenue of $140.50 million for the quarter, compared to analyst estimates of $136.34 million. RingCentral had a negative return on equity of 16.54% and a negative net margin of 5.21%. The firm’s revenue for the quarter was up 34.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 earnings per share. research analysts anticipate that RingCentral Inc will post -0.25 earnings per share for the current fiscal year.
RingCentral announced that its board has approved 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 buy shares of its stock through a private placement purchase. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
A number of analysts have recently issued reports on the company. Craig Hallum lifted their price target on RingCentral from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Morgan Stanley set a $60.00 price target on RingCentral and gave the stock a “hold” rating in a research note 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 note on Tuesday, February 13th. TheStreet raised RingCentral from a “d+” rating to a “c-” rating in a research note on Monday, February 12th. Finally, JPMorgan Chase & Co. lowered RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 price objective on the stock. in a research note on Tuesday, December 12th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. RingCentral presently has an average rating of “Buy” and a consensus target price of $53.79.
RingCentral Company Profile
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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