OneAscent Financial Services LLC trimmed its holdings in RingCentral, Inc. (NYSE:RNG) by 11.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 725 shares of the software maker’s stock after selling 91 shares during the period. OneAscent Financial Services LLC’s holdings in RingCentral were worth $275,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Paces Ferry Wealth Advisors LLC purchased a new position in shares of RingCentral in the third quarter valued at about $29,000. Shine Investment Advisory Services Inc. lifted its position in shares of RingCentral by 54.3% in the third quarter. Shine Investment Advisory Services Inc. now owns 125 shares of the software maker’s stock valued at $34,000 after acquiring an additional 44 shares in the last quarter. CX Institutional lifted its position in shares of RingCentral by 211.4% in the third quarter. CX Institutional now owns 137 shares of the software maker’s stock valued at $38,000 after acquiring an additional 93 shares in the last quarter. NEXT Financial Group Inc purchased a new position in shares of RingCentral in the third quarter valued at about $40,000. Finally, Cerebellum GP LLC purchased a new position in shares of RingCentral in the third quarter valued at about $65,000. Institutional investors and hedge funds own 85.96% of the company’s stock.
Several equities analysts have recently commented on the company. BidaskClub upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 22nd. Raymond James lifted their target price on RingCentral from $355.00 to $450.00 and gave the stock a “strong-buy” rating in a report on Friday, December 18th. Zacks Investment Research raised RingCentral from a “sell” rating to a “hold” rating and set a $301.00 target price on the stock in a report on Tuesday, October 13th. Deutsche Bank Aktiengesellschaft lifted their target price on RingCentral from $340.00 to $410.00 and gave the stock a “buy” rating in a report on Monday. Finally, Mizuho lifted their target price on RingCentral from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, December 16th. Two equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $324.46.
RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, November 9th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $303.60 million during the quarter, compared to analyst estimates of $273.34 million. RingCentral had a negative return on equity of 9.06% and a negative net margin of 9.52%. RingCentral’s quarterly revenue was up 30.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.22 earnings per share. As a group, analysts predict that RingCentral, Inc. will post -0.68 earnings per share for the current fiscal year.
In other RingCentral news, Director Allan C. Thygesen sold 5,000 shares of the company’s stock in a transaction on Thursday, December 3rd. The stock was sold at an average price of $338.22, for a total transaction of $1,691,100.00. Following the completion of the sale, the director now owns 15,888 shares in the company, valued at $5,373,639.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 12,987 shares of the company’s stock in a transaction on Monday, November 23rd. The stock was sold at an average price of $288.42, for a total value of $3,745,710.54. Following the sale, the chief executive officer now owns 212,595 shares of the company’s stock, valued at approximately $61,316,649.90. The disclosure for this sale can be found here. Insiders sold 215,617 shares of company stock valued at $68,961,388 in the last quarter. 11.03% of the stock is owned by company insiders.
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company's products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Professional, a cloud based virtual telephone service that provides inbound call answering and management services for professionals; and RingCentral Fax that provides online fax capabilities.
Further Reading: Understanding Stock Ratings
Want to see what other hedge funds are holding RNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RingCentral, Inc. (NYSE:RNG).
Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.