Metropolitan Life Insurance Co. NY trimmed its holdings in shares of RingCentral Inc (NYSE:RNG) by 73.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,235 shares of the software makerâ€™s stock after selling 14,621 shares during the period. Metropolitan Life Insurance Co. NYâ€™s holdings in RingCentral were worth $368,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. US Bancorp DE lifted its holdings in shares of RingCentral by 141.7% during the 2nd quarter. US Bancorp DE now owns 1,745 shares of the software makerâ€™s stock valued at $123,000 after buying an additional 1,023 shares during the period. Cerebellum GP LLC bought a new position in shares of RingCentral during the 2nd quarter valued at $183,000. Sun Life Financial INC bought a new position in shares of RingCentral during the 2nd quarter valued at $185,000. NewSquare Capital LLC bought a new position in shares of RingCentral during the 2nd quarter valued at $188,000. Finally, IFP Advisors Inc bought a new position in shares of RingCentral during the 1st quarter valued at $198,000. Institutional investors and hedge funds own 77.60% of the companyâ€™s stock.
Several equities analysts have recently weighed in on RNG shares. Jefferies Financial Group increased their price target on RingCentral to $105.00 and gave the company a â€śbuyâ€ť rating in a report on Wednesday, September 5th. Rosenblatt Securities assumed coverage on RingCentral in a report on Friday, September 7th. They set a â€śbuyâ€ť rating and a $105.00 price target on the stock. SunTrust Banks raised their target price on RingCentral to $100.00 and gave the stock a â€śbuyâ€ť rating in a report on Tuesday, August 7th. Bank of America raised their target price on RingCentral from $86.00 to $95.00 and gave the stock a â€śbuyâ€ť rating in a report on Tuesday, August 7th. Finally, JPMorgan Chase & Co. raised their target price on RingCentral to $90.00 and gave the stock a â€śneutralâ€ť rating in a report on Tuesday, August 7th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of â€śBuyâ€ť and an average price target of $89.47.In related news, CAO John H. Marlow sold 14,500 shares of RingCentral stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $93.45, for a total value of $1,355,025.00. Following the completion of the transaction, the chief accounting officer now owns 153,218 shares in the company, valued at $14,318,222.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 50,698 shares of RingCentral stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $95.87, for a total value of $4,860,417.26. Following the completion of the transaction, the chief executive officer now owns 315,671 shares of the companyâ€™s stock, valued at approximately $30,263,378.77. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 257,649 shares of company stock valued at $22,985,768. Company insiders own 11.99% of the companyâ€™s stock.
Shares of RingCentral stock traded up $5.08 during trading on Friday, reaching $80.08. 1,265,596 shares of the stock traded hands, compared to its average volume of 759,125. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of -228.80 and a beta of 0.81. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 1.24. RingCentral Inc has a 52-week low of $40.35 and a 52-week high of $98.15.
RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, August 6th. The software maker reported $0.19 earnings per share for the quarter, beating the Zacksâ€™ consensus estimate of $0.15 by $0.04. The firm had revenue of $160.83 million during the quarter, compared to analyst estimates of $155.71 million. RingCentral had a negative return on equity of 5.93% and a negative net margin of 3.92%. The businessâ€™s quarterly revenue was up 34.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.04 earnings per share. On average, equities analysts expect that RingCentral Inc will post -0.14 EPS for the current fiscal year.
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company’s products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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