Virginia Retirement Systems ET AL grew its position in RingCentral Inc (NYSE:RNG) by 69.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,100 shares of the software maker’s stock after buying an additional 2,500 shares during the period. Virginia Retirement Systems ET AL’s holdings in RingCentral were worth $701,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Penserra Capital Management LLC acquired a new stake in RingCentral during the 1st quarter worth $36,000. Signaturefd LLC grew its stake in RingCentral by 31.4% in the first quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock valued at $39,000 after purchasing an additional 87 shares in the last quarter. Baldwin Brothers Inc. MA grew its stake in RingCentral by 90.0% in the second quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock valued at $44,000 after purchasing an additional 180 shares in the last quarter. Weaver Consulting Group purchased a new position in RingCentral in the first quarter valued at about $66,000. Finally, Parallel Advisors LLC grew its stake in RingCentral by 416.7% in the first quarter. Parallel Advisors LLC now owns 620 shares of the software maker’s stock valued at $67,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.
RNG opened at $140.91 on Wednesday. The company has a market cap of $11.41 billion, a P/E ratio of -3,522.75 and a beta of 0.79. The business’s 50-day moving average is $125.97. RingCentral Inc has a 52-week low of $64.41 and a 52-week high of $146.38. The company has a debt-to-equity ratio of 1.19, a quick ratio of 3.08 and a current ratio of 3.08.
A number of brokerages have commented on RNG. SunTrust Banks boosted their target price on RingCentral to $163.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Needham & Company LLC restated a “buy” rating and issued a $150.00 target price (up previously from $140.00) on shares of RingCentral in a research note on Tuesday, July 30th. Raymond James boosted their target price on RingCentral from $140.00 to $175.00 and gave the company a “strong-buy” rating in a research note on Tuesday, July 30th. Craig Hallum boosted their target price on RingCentral from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, UBS Group boosted their target price on RingCentral from $117.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, May 7th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $135.94.
In other RingCentral news, COO David Sipes sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $124.00, for a total value of $186,000.00. Following the completion of the transaction, the chief operating officer now owns 258,911 shares of the company’s stock, valued at approximately $32,104,964. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Praful Shah sold 5,456 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $121.09, for a total value of $660,667.04. Following the completion of the transaction, the insider now directly owns 269,657 shares of the company’s stock, valued at approximately $32,652,766.13. The disclosure for this sale can be found here. Insiders have sold a total of 358,541 shares of company stock valued at $43,812,268 in the last three months. 11.03% of the stock is owned by insiders.
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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