Ameriprise Financial Inc. lessened its holdings in shares of RingCentral Inc (NYSE:RNG) by 6.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 101,421 shares of the software maker’s stock after selling 6,452 shares during the period. Ameriprise Financial Inc. owned 0.13% of RingCentral worth $4,234,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in RNG. Capital World Investors grew its holdings in RingCentral by 23.9% during the 2nd quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock worth $241,193,000 after acquiring an additional 1,275,000 shares during the period. Whale Rock Capital Management LLC acquired a new stake in RingCentral during the 2nd quarter worth $39,450,000. FMR LLC grew its holdings in RingCentral by 40.1% during the 2nd quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock worth $106,193,000 after acquiring an additional 832,314 shares during the period. Southpoint Capital Advisors LP acquired a new stake in RingCentral during the 2nd quarter worth $18,275,000. Finally, BlackRock Inc. grew its holdings in RingCentral by 11.6% during the 2nd quarter. BlackRock Inc. now owns 4,272,844 shares of the software maker’s stock worth $156,173,000 after acquiring an additional 445,306 shares during the period. 76.29% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on RNG shares. Northland Securities reissued an “outperform” rating and issued a $46.00 price target (up previously from $43.00) on shares of RingCentral in a report on Tuesday, October 3rd. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a report on Wednesday, October 4th. Jefferies Group reissued a “buy” rating and issued a $48.00 price target on shares of RingCentral in a report on Thursday, October 19th. Bank of America boosted their price target on shares of RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Finally, Oppenheimer boosted their price target on shares of RingCentral from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday, November 9th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $45.14.
Shares of RingCentral Inc (NYSE RNG) opened at $48.40 on Monday. The company has a market cap of $3,743.79, a price-to-earnings ratio of -138.29 and a beta of 0.80. RingCentral Inc has a 52-week low of $20.55 and a 52-week high of $49.95.
RingCentral (NYSE:RNG) last posted its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 EPS for the quarter, beating the consensus estimate of $0.04 by $0.02. The business had revenue of $129.76 million for the quarter, compared to analysts’ expectations of $126.06 million. RingCentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The firm’s revenue was up 34.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 EPS. equities analysts predict that RingCentral Inc will post -0.33 EPS for the current year.
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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