Public Employees Retirement Association of Colorado acquired a new stake in shares of RingCentral Inc (NYSE:RNG) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,602 shares of the software maker’s stock, valued at approximately $174,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RNG. Lord Abbett & CO. LLC acquired a new stake in RingCentral during the second quarter valued at $15,376,000. State Street Corp lifted its position in shares of RingCentral by 7.3% in the second quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock worth $45,824,000 after buying an additional 85,404 shares during the last quarter. Rothschild Asset Management Inc. acquired a new stake in shares of RingCentral in the third quarter worth about $3,552,000. Axiom International Investors LLC DE lifted its position in shares of RingCentral by 27.6% in the third quarter. Axiom International Investors LLC DE now owns 233,337 shares of the software maker’s stock worth $9,742,000 after buying an additional 50,413 shares during the last quarter. Finally, Crestline Management LP acquired a new stake in shares of RingCentral in the third quarter worth about $1,672,000. 78.54% of the stock is owned by hedge funds and other institutional investors.
RingCentral Inc (NYSE RNG) opened at $64.80 on Wednesday. The company has a market capitalization of $5,010.00, a PE ratio of -190.59 and a beta of 0.87. RingCentral Inc has a 12 month low of $24.80 and a 12 month high of $65.75.
A number of brokerages have weighed in on RNG. Craig Hallum boosted 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. TheStreet raised RingCentral from a “d+” rating to a “c-” rating in a research report on Monday, February 12th. 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. JPMorgan Chase & Co. cut RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 price target for the company. in a research report on Tuesday, December 12th. Finally, Oppenheimer boosted 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. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. RingCentral has an average rating of “Buy” and an average price target of $53.79.
In other news, insider Praful Shah sold 10,000 shares of RingCentral stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $47.65, for a total value of $476,500.00. Following the transaction, the insider now directly owns 306,050 shares in the company, valued at $14,583,282.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mitesh Dhruv sold 3,000 shares of RingCentral stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $50.96, for a total value of $152,880.00. Following the completion of the transaction, the chief financial officer now owns 132,087 shares in the company, valued at $6,731,153.52. The disclosure for this sale can be found here. Insiders sold 108,536 shares of company stock worth $5,193,260 over the last quarter. 14.53% of the stock is currently owned by corporate insiders.
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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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