Vaughan Nelson Investment Management L.P. decreased its position in RingCentral Inc. (NYSE:RNG) by 5.3% during the third quarter, Holdings Channel reports. The institutional investor owned 1,282,662 shares of the company’s stock after selling 72,200 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in RingCentral were worth $30,347,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Algert Global LLC acquired a new stake in shares of RingCentral during the third quarter worth $855,000. Gradient Investments LLC boosted its stake in shares of RingCentral by 1.8% in the third quarter. Gradient Investments LLC now owns 14,380 shares of the company’s stock worth $340,000 after buying an additional 260 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of RingCentral by 82.0% in the third quarter. BNP Paribas Arbitrage SA now owns 5,616 shares of the company’s stock worth $133,000 after buying an additional 2,530 shares in the last quarter. Macquarie Group Ltd. acquired a new stake in shares of RingCentral during the second quarter worth $2,915,000. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of RingCentral by 6.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 221,182 shares of the company’s stock worth $4,362,000 after buying an additional 12,714 shares in the last quarter. Hedge funds and other institutional investors own 71.89% of the company’s stock.
Shares of RingCentral Inc. (NYSE:RNG) traded down 2.55% during trading on Wednesday, reaching $21.05. 45,663 shares of the company’s stock were exchanged. The company’s 50-day moving average is $22.05 and its 200 day moving average is $22.07. The stock’s market capitalization is $1.55 billion. RingCentral Inc. has a 52 week low of $13.88 and a 52 week high of $25.00.
RingCentral (NYSE:RNG) last released its earnings results on Tuesday, October 25th. The company reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.02. RingCentral had a negative return on equity of 20.73% and a negative net margin of 8.17%. The company had revenue of $96.80 million for the quarter, compared to analysts’ expectations of $41.93 million. During the same quarter in the previous year, the business posted ($0.09) EPS. The business’s revenue for the quarter was up 26.0% on a year-over-year basis. On average, analysts forecast that RingCentral Inc. will post $0.08 earnings per share for the current year.
A number of brokerages recently weighed in on RNG. Zacks Investment Research upgraded shares of RingCentral from a “sell” rating to a “hold” rating in a research note on Wednesday. Robert W. Baird upgraded shares of RingCentral from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $26.00 to $29.00 in a research report on Monday, December 12th. Jefferies Group restated a “buy” rating and set a $29.00 price objective on shares of RingCentral in a research report on Thursday, November 17th. Finally, Goldman Sachs Group Inc. restated a “neutral” rating and set a $26.00 price objective on shares of RingCentral in a research report on Wednesday, October 26th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. RingCentral currently has a consensus rating of “Buy” and a consensus price target of $26.57.
In other RingCentral news, CEO Vladimir Shmunis sold 20,000 shares of RingCentral stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $20.42, for a total transaction of $408,400.00. Following the transaction, the chief executive officer now owns 227,522 shares of the company’s stock, valued at approximately $4,645,999.24. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Praful Shah sold 10,000 shares of RingCentral stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $23.61, for a total value of $236,100.00. Following the transaction, the senior vice president now directly owns 318,247 shares in the company, valued at approximately $7,513,811.67. The disclosure for this sale can be found here. Company insiders own 17.34% of the company’s stock.
RingCentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business 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 voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax.
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