Public Employees Retirement Association of Colorado Purchases Shares of 3,602 RingCentral Inc (RNG)

Public Employees Retirement Association of Colorado purchased a new stake in shares of RingCentral Inc (NYSE:RNG) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 3,602 shares of the software maker’s stock, valued at approximately $174,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of RNG. State Street Corp boosted its holdings in RingCentral by 7.3% during the second quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock valued at $45,824,000 after purchasing an additional 85,404 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in RingCentral by 2.3% during the third quarter. JPMorgan Chase & Co. now owns 1,216,115 shares of the software maker’s stock valued at $48,828,000 after purchasing an additional 27,040 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in RingCentral by 3.4% during the third quarter. Russell Investments Group Ltd. now owns 469,410 shares of the software maker’s stock valued at $19,597,000 after purchasing an additional 15,637 shares in the last quarter. Lord Abbett & CO. LLC acquired a new stake in RingCentral during the second quarter valued at approximately $15,376,000. Finally, Schwab Charles Investment Management Inc. boosted its holdings in RingCentral by 7.9% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 309,944 shares of the software maker’s stock valued at $15,002,000 after purchasing an additional 22,564 shares in the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.

In other RingCentral news, COO David Sipes sold 15,270 shares of the company’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $49.06, for a total transaction of $749,146.20. Following the transaction, the chief operating officer now owns 280,781 shares of the company’s stock, valued at approximately $13,775,115.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 48,666 shares of the company’s stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $47.12, for a total value of $2,293,141.92. Following the transaction, the chief executive officer now directly owns 355,041 shares in the company, valued at approximately $16,729,531.92. The disclosure for this sale can be found here. Insiders sold a total of 108,536 shares of company stock worth $5,193,260 over the last three months. 14.53% of the stock is owned by company insiders.

RingCentral Inc (NYSE:RNG) opened at $64.80 on Wednesday. The company has a market capitalization of $5,010.00, a P/E ratio of -190.59 and a beta of 0.87. RingCentral Inc has a 1-year low of $24.80 and a 1-year high of $65.75.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, February 12th. The software maker reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. The business had revenue of $140.50 million for the quarter, compared to the consensus estimate of $136.34 million. RingCentral had a negative return on equity of 14.62% and a negative net margin of 4.33%. RingCentral’s revenue was up 34.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 EPS. equities research analysts anticipate that RingCentral Inc will post -0.24 EPS for the current year.

A number of equities research analysts have weighed in on the company. Northland Securities set a $61.00 price objective on RingCentral and gave the company a “buy” rating in a report on Tuesday, February 13th. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a report on Tuesday, November 14th. TheStreet raised RingCentral from a “d+” rating to a “c-” rating in a report on Monday, February 12th. Bank of America lifted their price objective on RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Finally, JPMorgan Chase & Co. downgraded RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 price objective on the stock. in a report on Tuesday, December 12th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. RingCentral has a consensus rating of “Buy” and a consensus price target of $53.79.

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About RingCentral

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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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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