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Healthcare of Ontario Pension Plan Trust Fund Cuts Holdings in RingCentral, Inc. (NYSE:RNG)

Healthcare of Ontario Pension Plan Trust Fund decreased its stake in shares of RingCentral, Inc. (NYSE:RNG – Get Rating) by 87.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,344 shares of the software maker’s stock after selling 42,630 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in RingCentral were worth $254,000 as of its most recent SEC filing.

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Other large investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its position in shares of RingCentral by 0.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 121,753 shares of the software maker’s stock worth $4,865,000 after acquiring an additional 689 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of RingCentral by 110.3% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 10,390 shares of the software maker’s stock worth $543,000 after acquiring an additional 5,449 shares in the last quarter. Xponance Inc. boosted its position in shares of RingCentral by 5.4% during the 3rd quarter. Xponance Inc. now owns 10,253 shares of the software maker’s stock worth $410,000 after acquiring an additional 522 shares in the last quarter. 1492 Capital Management LLC boosted its position in shares of RingCentral by 40.9% during the 2nd quarter. 1492 Capital Management LLC now owns 37,999 shares of the software maker’s stock worth $1,986,000 after acquiring an additional 11,028 shares in the last quarter. Finally, Richelieu Gestion PLC boosted its position in shares of RingCentral by 348.7% during the 3rd quarter. Richelieu Gestion PLC now owns 1,400 shares of the software maker’s stock worth $56,000 after acquiring an additional 1,088 shares in the last quarter. Hedge funds and other institutional investors own 88.09% of the company’s stock.

RingCentral Trading Up 2.4 %

Shares of RNG stock opened at $33.84 on Friday. The company has a market cap of $3.24 billion, a price-to-earnings ratio of -3.67 and a beta of 0.95. The stock has a 50 day simple moving average of $37.57 and a 200-day simple moving average of $38.40. RingCentral, Inc. has a 12-month low of $28.00 and a 12-month high of $129.72.

RingCentral (NYSE:RNG – Get Rating) last issued its earnings results on Wednesday, February 15th. The software maker reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). The business had revenue of $524.75 million for the quarter, compared to analysts’ expectations of $528.41 million. RingCentral had a negative return on equity of 765.97% and a negative net margin of 44.22%. On average, equities analysts forecast that RingCentral, Inc. will post -0.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RNG. Robert W. Baird upped their price objective on RingCentral from $36.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, February 16th. Mizuho decreased their target price on RingCentral from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, February 21st. Barclays upped their target price on RingCentral from $40.00 to $55.00 in a research report on Friday, February 17th. MKM Partners cut RingCentral from a “buy” rating to a “neutral” rating and set a $40.00 target price for the company. in a research report on Monday, January 23rd. Finally, Wells Fargo & Company decreased their target price on RingCentral from $80.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, January 6th. Nine investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $60.82.

Insider Activity at RingCentral

In related news, COO Mohammed Katibeh sold 4,747 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $36.43, for a total value of $172,933.21. Following the completion of the transaction, the chief operating officer now directly owns 127,062 shares of the company’s stock, valued at approximately $4,628,868.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO John H. Marlow sold 835 shares of the firm’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $34.96, for a total value of $29,191.60. Following the completion of the transaction, the chief accounting officer now directly owns 193,661 shares of the company’s stock, valued at approximately $6,770,388.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Mohammed Katibeh sold 4,747 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $36.43, for a total value of $172,933.21. Following the completion of the transaction, the chief operating officer now directly owns 127,062 shares of the company’s stock, valued at $4,628,868.66. The disclosure for this sale can be found here. Insiders sold 51,157 shares of company stock valued at $2,002,803 in the last ninety days. Corporate insiders own 6.49% of the company’s stock.

RingCentral Company Profile

(Get Rating)

RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, 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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