Teacher Retirement System of Texas Has $810,000 Holdings in Ringcentral, Inc. (NYSE:RNG)

Teacher Retirement System of Texas reduced its holdings in shares of Ringcentral, Inc. (NYSE:RNG) by 48.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,734 shares of the software maker’s stock after selling 30,707 shares during the period. Teacher Retirement System of Texas’ holdings in Ringcentral were worth $810,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of RNG. Arrowstreet Capital Limited Partnership lifted its position in shares of Ringcentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after buying an additional 1,164,241 shares during the last quarter. Capital World Investors grew its stake in Ringcentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after acquiring an additional 591,398 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Ringcentral by 35.6% in the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock worth $70,345,000 after purchasing an additional 527,901 shares during the period. Wellington Management Group LLP purchased a new position in shares of Ringcentral during the fourth quarter worth about $15,630,000. Finally, Norges Bank purchased a new position in Ringcentral in the 4th quarter worth approximately $11,554,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Wedbush reduced their price objective on Ringcentral from $38.00 to $30.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. UBS Group reduced their price target on Ringcentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Raymond James Financial decreased their target price on shares of Ringcentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. Needham & Company LLC started coverage on shares of Ringcentral in a report on Friday, May 9th. They issued a “buy” rating and a $36.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Ringcentral from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 5th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Ringcentral presently has an average rating of “Hold” and a consensus target price of $33.08.

Ringcentral Stock Performance

NYSE:RNG opened at $26.53 on Tuesday. The firm has a market cap of $2.39 billion, a P/E ratio of -60.30, a P/E/G ratio of 0.87 and a beta of 1.29. The firm has a 50-day simple moving average of $27.34 and a 200-day simple moving average of $28.66. Ringcentral, Inc. has a one year low of $20.59 and a one year high of $42.19.

Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.04. Ringcentral had a negative return on equity of 15.63% and a negative net margin of 1.65%. The company had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same period in the previous year, the company posted $0.87 earnings per share. Ringcentral’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, research analysts predict that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Kira Makagon sold 21,185 shares of the firm’s stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $27.69, for a total transaction of $586,612.65. Following the sale, the chief operating officer owned 413,131 shares of the company’s stock, valued at approximately $11,439,597.39. This trade represents a 4.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Tarun Arora sold 7,776 shares of the firm’s stock in a transaction on Friday, June 27th. The stock was sold at an average price of $28.00, for a total transaction of $217,728.00. Following the completion of the sale, the chief accounting officer owned 114,497 shares of the company’s stock, valued at $3,205,916. This trade represents a 6.36% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 244,647 shares of company stock valued at $6,531,804. Insiders own 6.97% of the company’s stock.

Ringcentral Company 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.