Ringcentral, Inc. $RNG Shares Sold by Algert Global LLC

Key Points

• Algert Global LLC has reduced its holdings in Ringcentral, Inc. by 56.6%, now owning 123,449 shares valued at approximately $3.06 million, according to its latest SEC filing.
• Ringcentral's stock has seen a decline of 2.1% and currently trades at $29.44, with a market capitalization of $2.67 billion, and a 12-month range of $20.58 to $42.19.
• Wall Street analysts have varied perspectives on the stock, with most ratings being "Hold" and some lowering target prices, reflecting mixed investor sentiments about its performance.

Algert Global LLC decreased its position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 56.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 123,449 shares of the software maker's stock after selling 160,858 shares during the period. Algert Global LLC owned 0.14% of Ringcentral worth $3,057,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. increased its position in Ringcentral by 17.0% during the first quarter. American Century Companies Inc. now owns 38,020 shares of the software maker's stock worth $941,000 after buying an additional 5,521 shares during the period. Boston Partners boosted its stake in shares of Ringcentral by 35.5% in the first quarter. Boston Partners now owns 69,672 shares of the software maker's stock valued at $1,725,000 after buying an additional 18,271 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Ringcentral in the first quarter valued at approximately $12,101,000. Invesco Ltd. boosted its stake in shares of Ringcentral by 16.4% in the first quarter. Invesco Ltd. now owns 124,489 shares of the software maker's stock valued at $3,082,000 after buying an additional 17,566 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Ringcentral by 49.7% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 464,637 shares of the software maker's stock valued at $11,504,000 after buying an additional 154,301 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Ringcentral Stock Performance

Shares of NYSE:RNG traded up $0.3440 during mid-day trading on Monday, hitting $31.2140. 870,942 shares of the company traded hands, compared to its average volume of 1,461,179. The firm has a market cap of $2.83 billion, a P/E ratio of -223.09, a PEG ratio of 1.42 and a beta of 1.28. Ringcentral, Inc. has a 52-week low of $20.58 and a 52-week high of $42.19. The firm's 50 day simple moving average is $27.83 and its 200 day simple moving average is $27.21.

Ringcentral (NYSE:RNG - Get Free Report) last announced its earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, beating the consensus estimate of $1.02 by $0.04. The business had revenue of $620.40 million for the quarter, compared to the consensus estimate of $617.90 million. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The company's revenue was up 4.6% on a year-over-year basis. During the same period last year, the business posted $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. Equities research analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ringcentral news, CEO Vladimir Shmunis sold 46,932 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $28.95, for a total value of $1,358,681.40. Following the transaction, the chief executive officer directly owned 462,429 shares of the company's stock, valued at $13,387,319.55. This represents a 9.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 2,443 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $30.70, for a total value of $75,000.10. Following the transaction, the chief financial officer directly owned 226,448 shares in the company, valued at approximately $6,951,953.60. This represents a 1.07% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 105,354 shares of company stock worth $3,063,152. Company insiders own 6.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RNG. Rosenblatt Securities reaffirmed a "buy" rating and set a $32.00 price objective on shares of Ringcentral in a report on Monday, May 19th. Wall Street Zen raised Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. Raymond James Financial reduced their price objective on Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Mizuho lifted their price objective on Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. Finally, Jefferies Financial Group reduced their price objective on Ringcentral from $30.00 to $29.00 and set a "hold" rating for the company in a report on Wednesday, August 6th. Four investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $30.62.

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.