November 23, 2016 - By Ruchi Gupta
Kira Makagon, the EVP – Innovation of Ringcentral Inc, made a sale of 3,102 shares of the company, worth $68,864 USD, which is calculated based on a stock price of $22.2 for every share. This sell decreased her ownership of Ringcentral Inc to 0.15% stock market cap or 110,438 shares. A filing documented published 23/11/2016 with the Washington-based SEC, unveiled here, shows more info about the transaction.
Out of 10 analysts covering RingCentral (NYSE:RNG), 8 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 80% are positive. $29 is the highest target while $22 is the lowest. The $26.22 average target is 16.38% above today’s ($22.53) stock price. RingCentral has been the topic of 18 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Wednesday, December 16 by Oppenheimer. The rating was initiated by Robert W. Baird with “Neutral” on Friday, August 26. The firm has “Equal-Weight” rating by Morgan Stanley given on Thursday, December 17. Oppenheimer maintained RingCentral Inc (NYSE:RNG) rating on Friday, July 31. Oppenheimer has “Outperform” rating and $23 price target. The company was maintained on Wednesday, December 9 by RBC Capital Markets. The stock of RingCentral Inc (NYSE:RNG) earned “Outperform” rating by RBC Capital Markets on Wednesday, December 2. The company was initiated on Tuesday, June 28 by Summit Redstone Partners. The firm earned “Overweight” rating on Thursday, July 23 by JP Morgan. The firm has “Buy” rating given on Thursday, August 4 by Jefferies. The firm has “Outperform” rating given on Tuesday, October 6 by RBC Capital Markets.
Insitutional Activity: The institutional sentiment decreased to 1.04 in Q2 2016. Its down 0.47, from 1.51 in 2016Q1. The ratio turned negative, as 19 funds sold all RingCentral Inc shares owned while 40 reduced positions. 29 funds bought stakes while 60 increased positions. They now own 46.80 million shares or 2.34% less from 47.92 million shares in 2016Q1.
Price T Rowe Assocs Md, a Maryland-based fund reported 1.49M shares. Capital Ww holds 0.01% or 1.44M shares in its portfolio. Legal And General Group Incorporated Public Limited Com accumulated 7,633 shares or 0% of the stock. Jefferies Gru Lc, a New York-based fund reported 6 shares. Moreover, Pnc Financial Gp Inc has 0% invested in RingCentral Inc (NYSE:RNG) for 60,434 shares. Teachers Advsrs Incorporated holds 0.03% of its portfolio in RingCentral Inc (NYSE:RNG) for 773,098 shares. The Connecticut-based Paloma Partners Management Comm has invested 0.01% in RingCentral Inc (NYSE:RNG). Princeton Alpha Mgmt L P last reported 0.08% of its portfolio in the stock. Raymond James Assocs holds 0% of its portfolio in RingCentral Inc (NYSE:RNG) for 28,456 shares. Amer Registered Advisor owns 14,750 shares or 0.14% of their US portfolio. Waddell & Reed owns 382,700 shares or 0.02% of their US portfolio. Moreover, American Century has 0.01% invested in RingCentral Inc (NYSE:RNG) for 245,905 shares. Ny State Common Retirement Fund has 60,600 shares for 0% of their US portfolio. Comml Bank Of America Corporation De holds 445,293 shares or 0% of its portfolio. Alphaone Inv Svcs Ltd Com holds 0.13% of its portfolio in RingCentral Inc (NYSE:RNG) for 18,320 shares.
Insider Transactions: Since May 24, 2016, the stock had 0 buys, and 22 sales for $9.00 million net activity. 2,415 shares were sold by Shah Praful, worth $47,431 on Friday, May 27. Another trade for 3,118 shares valued at $69,531 was sold by Makagon Kira. $394,400 worth of shares were sold by Marlow John H on Friday, September 16. 20,000 shares were sold by Shmunis Vladimir, worth $408,400. On Thursday, June 9 Sipes David sold $312,220 worth of the stock or 15,025 shares.
About 331,632 shares traded hands. RingCentral Inc (NYSE:RNG) has risen 19.98% since April 21, 2016 and is uptrending. It has outperformed by 14.65% the S&P500.
RingCentral, Inc. is a provider of software-as-a-service solutions for business communications. The company has a market cap of $1.64 billion. The Company’s cloud 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. It currently has negative earnings. The Company’s products include RingCentral Office, RingCentral Professional, RingCentral Fax, RingCentral Contact Center and Glip by RingCentral.
According to Zacks Investment Research, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California.”
Analysts await RingCentral Inc (NYSE:RNG) to report earnings on February, 2. They expect $-0.09 EPS, 0.00% or $0.00 from last year’s $-0.09 per share. After $-0.09 actual EPS reported by RingCentral Inc for the previous quarter, Wall Street now forecasts 0.00% EPS growth.
RingCentral, Inc., incorporated on August 29, 2013, is a well-known provider of software-as-a-service (SaaS) solutions for business communications. The Company’s cloud 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. The Company’s products include RingCentral Office, RingCentral Professional, RingCentral Fax, RingCentral Contact Center and Glip by RingCentral. RingCentral Office is a multi-user, enterprise-grade communications solution. RingCentral Professional is an inbound call routing subscription with additional text and fax capabilities targeting smaller deployments, and RingCentral Fax is an Internet fax subscription that permits sending and receiving faxes over the Internet.
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By Ruchi Gupta