RingCentral, Inc. (NYSE:RNG) Shares Sold by Bokf Na

Bokf Na decreased its stake in shares of RingCentral, Inc. (NYSE:RNG) by 6.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 72,044 shares of the software maker’s stock after selling 4,650 shares during the period. Bokf Na’s holdings in RingCentral were worth $2,032,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Janney Montgomery Scott LLC bought a new position in shares of RingCentral during the fourth quarter worth about $938,000. Panagora Asset Management Inc. grew its holdings in RingCentral by 24.0% in the 4th quarter. Panagora Asset Management Inc. now owns 119,844 shares of the software maker’s stock worth $4,069,000 after buying an additional 23,184 shares in the last quarter. Natixis bought a new stake in RingCentral during the 1st quarter valued at $837,000. Vanguard Group Inc. boosted its position in RingCentral by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after acquiring an additional 382,343 shares during the period. Finally, Newbridge Financial Services Group Inc. grew its stake in shares of RingCentral by 438.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after purchasing an additional 977 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $28.20, for a total transaction of $55,977.00. Following the completion of the sale, the chief financial officer now directly owns 156,799 shares in the company, valued at approximately $4,421,731.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CAO John H. Marlow sold 19,498 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction on Monday, July 1st. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00. Following the completion of the sale, the chief financial officer now directly owns 156,799 shares of the company’s stock, valued at approximately $4,421,731.80. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock valued at $3,380,044 in the last three months. Insiders own 6.76% of the company’s stock.

RingCentral Stock Performance

Shares of RNG opened at $29.38 on Friday. The company has a market capitalization of $2.70 billion, a PE ratio of -19.72, a PEG ratio of 2.18 and a beta of 1.03. The company’s 50 day moving average price is $32.11 and its 200 day moving average price is $32.42. RingCentral, Inc. has a 52 week low of $25.08 and a 52 week high of $38.35.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to analysts’ expectations of $586.39 million. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. The company’s revenue was up 9.9% on a year-over-year basis. On average, equities analysts forecast that RingCentral, Inc. will post 0.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on RNG. Needham & Company LLC restated a “buy” rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft lifted their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Northland Securities raised their target price on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Wells Fargo & Company upped their price target on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $35.00 to $45.00 in a report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $40.07.

RingCentral Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.