RingCentral Inc (NYSE:RNG) was the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 4,515,300 shares, a growth of 6.8% from the May 30th total of 4,226,600 shares. Currently, 6.8% of the company’s stock are sold short. Based on an average trading volume of 812,900 shares, the days-to-cover ratio is presently 5.6 days.
In other news, COO David Sipes sold 13,500 shares of RingCentral stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $124.08, for a total value of $1,675,080.00. Following the transaction, the chief operating officer now directly owns 288,367 shares in the company, valued at approximately $35,780,577.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 16,901 shares of RingCentral stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $123.20, for a total value of $2,082,203.20. Following the completion of the transaction, the chief executive officer now owns 325,018 shares in the company, valued at $40,042,217.60. The disclosure for this sale can be found here. Insiders sold a total of 331,541 shares of company stock worth $39,949,648 over the last quarter. Company insiders own 11.03% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Parametrica Management Ltd purchased a new stake in RingCentral during the 1st quarter valued at about $232,000. Carillon Tower Advisers Inc. acquired a new position in shares of RingCentral in the 1st quarter valued at about $43,332,000. Raymond James & Associates lifted its holdings in shares of RingCentral by 16.0% in the 1st quarter. Raymond James & Associates now owns 351,776 shares of the software maker’s stock valued at $37,921,000 after buying an additional 48,418 shares during the period. Chartwell Investment Partners LLC lifted its holdings in shares of RingCentral by 1.1% in the 1st quarter. Chartwell Investment Partners LLC now owns 68,243 shares of the software maker’s stock valued at $7,357,000 after buying an additional 768 shares during the period. Finally, Stephens Investment Management Group LLC acquired a new position in shares of RingCentral in the 1st quarter valued at about $11,132,000. Institutional investors and hedge funds own 81.94% of the company’s stock.
RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.16). The firm had revenue of $201.50 million for the quarter, compared to analysts’ expectations of $193.54 million. RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.73%. The firm’s revenue for the quarter was up 34.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.16 EPS. Analysts expect that RingCentral will post -0.43 EPS for the current fiscal year.
RNG has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $34.00 price target (up from $32.00) on shares of Kornit Digital in a report on Tuesday, June 18th. SunTrust Banks boosted their target price on Everbridge to $87.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Bank of America set a $54.00 target price on Fortis and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Stephens restated a “buy” rating and set a $74.00 target price on shares of Everbridge in a research note on Monday, May 6th. Finally, Zacks Investment Research downgraded GENEL ENERGY PL/ADR from a “hold” rating to a “sell” rating in a research note on Thursday, July 4th. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $123.17.
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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