Emerald Acquisition Ltd. acquired a new stake in shares of RingCentral Inc. (NYSE:RNG) during the second quarter, Holdings Channel reports. The fund acquired 45,100 shares of the company’s stock, valued at approximately $889,000. Emerald Acquisition Ltd. owned 0.06% of RingCentral at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in RNG. Legal & General Group Plc boosted its position in RingCentral by 16.7% in the first quarter. Legal & General Group Plc now owns 7,633 shares of the company’s stock valued at $119,000 after buying an additional 1,095 shares during the period. Quantbot Technologies LP boosted its position in RingCentral by 3.5% in the second quarter. Quantbot Technologies LP now owns 7,481 shares of the company’s stock valued at $147,000 after buying an additional 252 shares during the period. Nisa Investment Advisors LLC boosted its position in RingCentral by 20.0% in the second quarter. Nisa Investment Advisors LLC now owns 12,000 shares of the company’s stock valued at $237,000 after buying an additional 2,000 shares during the period. Fox Run Management L.L.C. acquired a new position in RingCentral during the second quarter valued at about $653,000. Finally, Diker Management LLC acquired a new position in RingCentral during the first quarter valued at about $913,000. 67.06% of the stock is currently owned by institutional investors and hedge funds.
Shares of RingCentral Inc. (NYSE:RNG) traded up 1.69% during trading on Wednesday, reaching $22.23. The company had a trading volume of 97,862 shares. The stock’s market capitalization is $1.62 billion. RingCentral Inc. has a 1-year low of $13.88 and a 1-year high of $25.67. The company’s 50 day moving average is $22.83 and its 200-day moving average is $20.71.
RingCentral (NYSE:RNG) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.01. RingCentral had a negative net margin of 8.17% and a negative return on equity of 21.08%. The business had revenue of $91.80 million for the quarter, compared to analyst estimates of $70.70 million. During the same period in the previous year, the company earned ($0.05) earnings per share. The business’s revenue for the quarter was up 29.8% on a year-over-year basis. On average, equities research analysts anticipate that RingCentral Inc. will post $0.07 earnings per share for the current year.
Several research firms recently issued reports on RNG. Summit Research began coverage on RingCentral in a research report on Tuesday, June 28th. They issued a “buy” rating on the stock. Robert W. Baird assumed coverage on RingCentral in a research report on Thursday, August 25th. They issued a “neutral” rating and a $24.00 price objective on the stock. Jefferies Group increased their price target on RingCentral from $27.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $29.00 price target (up from $27.00) on shares of RingCentral in a report on Friday, August 5th. Finally, Craig Hallum assumed coverage on RingCentral in a report on Thursday, July 7th. They set a “buy” rating and a $25.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $25.40.
In other RingCentral news, SVP Praful Shah sold 10,000 shares of RingCentral stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $23.61, for a total value of $236,100.00. Following the transaction, the senior vice president now directly owns 318,247 shares of the company’s stock, valued at $7,513,811.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 20,000 shares of RingCentral stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $23.16, for a total transaction of $463,200.00. Following the completion of the transaction, the chief executive officer now directly owns 243,994 shares in the company, valued at $5,650,901.04. The disclosure for this sale can be found here. 17.34% of the stock is currently owned by company insiders.
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business 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 voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax.
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