Acadian Asset Management LLC Trims Stock Holdings in Ringcentral, Inc. $RNG

Key Points

• Acadian Asset Management LLC reduced its stake in RingCentral, Inc. by 10.6% in Q1, now holding approximately 1.15% of the company, valued at $25.83 million.
• Several large investors, including PNC Financial Services and GAMMA Investing LLC, have recently increased their positions in RingCentral, indicating growing institutional interest.
• Analysts have a consensus rating of "Hold" on RingCentral, with recent price targets ranging from $29.00 to $35.00 based on various upgrades and downgrades.

Acadian Asset Management LLC decreased its position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,043,977 shares of the software maker's stock after selling 123,270 shares during the quarter. Acadian Asset Management LLC owned about 1.15% of Ringcentral worth $25,830,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. New Age Alpha Advisors LLC purchased a new position in shares of Ringcentral during the 1st quarter valued at $49,000. PNC Financial Services Group Inc. boosted its holdings in Ringcentral by 26.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock valued at $72,000 after acquiring an additional 615 shares during the period. GAMMA Investing LLC boosted its holdings in Ringcentral by 1,803.3% during the 1st quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock valued at $145,000 after acquiring an additional 5,536 shares during the period. Bayforest Capital Ltd purchased a new stake in Ringcentral in the 1st quarter worth approximately $145,000. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Ringcentral by 405.0% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,080 shares of the software maker's stock worth $175,000 after buying an additional 5,678 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RNG shares. Wall Street Zen raised Ringcentral from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. UBS Group cut their price target on Ringcentral from $33.00 to $32.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Rosenblatt Securities reiterated a "buy" rating and set a $32.00 target price on shares of Ringcentral in a research report on Monday, May 19th. Jefferies Financial Group cut their target price on Ringcentral from $30.00 to $29.00 and set a "hold" rating for the company in a research report on Wednesday, August 6th. Finally, KeyCorp assumed coverage on Ringcentral in a research report on Friday, June 6th. They set a "sector weight" rating for the company. Four research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $30.62.

Ringcentral Price Performance

Shares of RNG stock traded up $0.32 during mid-day trading on Tuesday, hitting $31.08. The stock had a trading volume of 611,358 shares, compared to its average volume of 1,488,334. The firm has a market capitalization of $2.81 billion, a P/E ratio of -221.77, a price-to-earnings-growth ratio of 1.40 and a beta of 1.32. The firm's 50-day moving average is $28.75 and its two-hundred day moving average is $27.11. Ringcentral, Inc. has a 12-month low of $20.58 and a 12-month high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.04. The firm had revenue of $620.40 million during the quarter, compared to analysts' expectations of $617.90 million. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The business's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 EPS. Ringcentral has set its Q3 2025 guidance at 1.060-1.080 EPS. FY 2025 guidance at 4.200-4.320 EPS. Analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 27,018 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $30.54, for a total value of $825,129.72. Following the completion of the sale, the chief executive officer owned 407,529 shares of the company's stock, valued at $12,445,935.66. This trade represents a 6.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Tarun Arora sold 1,037 shares of the firm's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $31.09, for a total value of $32,240.33. Following the completion of the sale, the chief accounting officer directly owned 110,626 shares of the company's stock, valued at $3,439,362.34. The trade was a 0.93% decrease in their position. The disclosure for this sale can be found here. Insiders sold 106,391 shares of company stock worth $3,095,392 over the last quarter. Company 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.