Capital Management LLC Marginally Lowers Its Position in Ringcentral Inc (RNG) Stock

Finally, Craig Hallum assumed coverage on shares of RingCentral in a report on Thursday, July 7th. Jane Street Gp Ltd Liability Corporation invested 0% of its portfolio in RingCentral Inc (NYSE:RNG). Bank of America Corporation lifted their price objective on shares of Ringcentral from $45.00 to $50.00 and gave the company a buy rating in a research note on Wednesday, October 25th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. BidaskClub cut shares of Ringcentral from a strong-buy rating to a buy rating in a research note on Wednesday, July 19th. As per Thursday, August 3, the company rating was maintained by Northland Capital. They noted that the move was a valuation call. Jefferies Group LLC reiterated a buy rating and issued a $38.00 target price on shares of Ringcentral in a research note on Thursday, August 3rd. Oppenheimer has "Buy" rating and $4500 target.

Headlines about Ringcentral (NYSE:RNG) have been trending somewhat positive this week, according to Accern. 645,000 shares of the company traded hands, compared to its average volume of 494,742. RingCentral has a 52 week low of $13.88 and a 52 week high of $25.67.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Wednesday, November 8th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.02. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The business had revenue of $129.76 million during the quarter, compared to the consensus estimate of $126.06 million. On average, equities analysts predict that RingCentral will post $0.08 earnings per share for the current fiscal year.

TRADEMARK VIOLATION NOTICE: This article was originally posted by BBNS and is the sole property of of BBNS. If you are accessing this article on another site, it was illegally stolen and republished in violation of US & worldwide copyright and trademark laws. The legal version of this news story can be viewed at https://www.truebluetribune.com/2017/11/14/ringcentral-inc-rng-upgraded-by-zacks-investment-research-to-buy.html. Also, COO David Sipes sold 2,253 shares of the company's stock in a transaction dated Tuesday, August 23rd. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 10,000 shares valued at $336,600 were sold by Makagon Kira on Friday, May 19. Following the sale, the director now directly owns 6,921 shares of the company's stock, valued at approximately $273,379.50. The disclosure for this sale can be found here. The stock was sold at an average price of $37.98, for a total transaction of $379,800.00. Hedge funds and other institutional investors own 74.21% of the company's stock.

Institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. purchased a new position in Ringcentral in the 1st quarter worth about $237,000. As of the end of the quarter 1492 Capital Management LLC had disposed of a total of 261 shares trimming its stake by 0.2%. Falcon Point Capital LLC now owns 9,356 shares of the software maker's stock worth $342,000 after buying an additional 288 shares in the last quarter. As of quarter end American International Group Inc had bought 3,130 shares growing its position 8.1%. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker's stock valued at $200,000 after purchasing an additional 418 shares during the last quarter.

Td Asset Management Inc added to its ownership by buying 800 shares an increase of 4.0% in the quarter. Accern also gave headlines about the software maker an impact score of 45.2634834627893 out of 100, indicating that recent media coverage is somewhat unlikely to have an effect on the stock's share price in the immediate future. Finally, Amalgamated Bank increased its holdings in shares of Ringcentral by 11.5% during the second quarter. Over the last quarter, insiders sold 382,106 shares of company stock worth $15,665,035.

RingCentral, Inc., launched on August 29, 2013, is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications.