UBS Asset Management Americas Inc. lifted its holdings in shares of RingCentral Inc (NYSE:RNG) by 19.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,122 shares of the software maker’s stock after acquiring an additional 5,799 shares during the period. UBS Asset Management Americas Inc.’s holdings in RingCentral were worth $1,700,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Fox Run Management L.L.C. purchased a new position in shares of RingCentral during the fourth quarter worth approximately $576,000. Los Angeles Capital Management & Equity Research Inc. grew its position in shares of RingCentral by 91.8% during the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 20,291 shares of the software maker’s stock worth $847,000 after acquiring an additional 9,710 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of RingCentral by 108.7% during 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. Schwab Charles Investment Management Inc. grew its position in shares of RingCentral by 8.4% during the third quarter. Schwab Charles Investment Management Inc. now owns 287,380 shares of the software maker’s stock worth $11,999,000 after acquiring an additional 22,347 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado purchased a new position in shares of RingCentral during the fourth quarter worth approximately $174,000. Institutional investors and hedge funds own 75.76% of the company’s stock.
In other RingCentral news, CEO Vladimir Shmunis sold 8,018 shares of the firm’s 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 completion of the sale, the chief executive officer now owns 271,701 shares of the company’s stock, valued at $18,201,249.99. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction on Wednesday, March 14th. The shares were sold at an average price of $67.49, for a total value of $202,470.00. Following the completion of the sale, the chief financial officer now directly owns 128,842 shares of the company’s stock, valued at approximately $8,695,546.58. The disclosure for this sale can be found here. In the last three months, insiders sold 193,196 shares of company stock valued at $12,100,608. 14.53% of the stock is owned by corporate insiders.
RingCentral (NYSE:RNG) last released its earnings results on Monday, February 12th. The software maker reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. RingCentral had a negative return on equity of 16.54% and a negative net margin of 5.21%. The company had revenue of $140.50 million during the quarter, compared to the consensus estimate of $136.34 million. During the same quarter last year, the company earned $0.03 earnings per share. RingCentral’s quarterly revenue was up 34.4% compared to the same quarter last year. research analysts forecast that RingCentral Inc will post -0.25 EPS for the current fiscal year.
RingCentral announced that its board has approved a share repurchase plan on Tuesday, February 27th that allows the company to repurchase $35.00 million in shares. This repurchase authorization allows the software maker to buy shares of its stock through a private placement purchase. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
RNG has been the topic of a number of research reports. Oppenheimer raised their target price on shares of RingCentral from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 6th. JPMorgan Chase & Co. lowered shares of RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 price objective on the stock. in a research report on Tuesday, December 12th. Morgan Stanley set a $60.00 price objective on shares of RingCentral and gave the company a “hold” rating in a research report on Tuesday, February 13th. Bank of America lifted their price objective on shares of RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Finally, Northland Securities set a $61.00 price objective on shares of RingCentral and gave the company a “buy” rating in a research report on Tuesday, February 13th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. RingCentral presently has an average rating of “Buy” and an average target price of $53.79.
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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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