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 lessened its holdings in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 56.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 123,449 shares of the software maker's stock after selling 160,858 shares during the period. Algert Global LLC owned approximately 0.14% of Ringcentral worth $3,057,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RNG. Dimensional Fund Advisors LP lifted its holdings in shares of Ringcentral by 18.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 686,714 shares of the software maker's stock valued at $24,045,000 after purchasing an additional 107,609 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Ringcentral during the 4th quarter valued at $49,000. State of Tennessee Department of Treasury lifted its holdings in shares of Ringcentral by 15.3% during the 4th quarter. State of Tennessee Department of Treasury now owns 12,801 shares of the software maker's stock valued at $448,000 after purchasing an additional 1,699 shares during the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Ringcentral during the 4th quarter valued at $643,000. Finally, Pinebridge Investments L.P. purchased a new stake in shares of Ringcentral during the 4th quarter valued at $725,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insiders Place Their Bets

In other news, CAO Tarun Arora sold 1,037 shares of the firm's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $31.09, for a total transaction of $32,240.33. Following the sale, the chief accounting officer directly owned 110,626 shares in the company, valued at $3,439,362.34. This trade represents a 0.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 27,018 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $30.54, for a total value of $825,129.72. Following the sale, the chief executive officer owned 407,529 shares in the company, valued at $12,445,935.66. This trade represents a 6.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 106,391 shares of company stock valued at $3,095,392 over the last quarter. Insiders own 6.97% of the company's stock.

Ringcentral Trading Down 3.1%

Shares of NYSE RNG traded down $0.96 during trading on Tuesday, reaching $30.27. 1,448,238 shares of the company traded hands, compared to its average volume of 2,083,398. The firm's fifty day simple moving average is $27.98 and its 200 day simple moving average is $27.22. The stock has a market cap of $2.74 billion, a P/E ratio of -216.23, a PEG ratio of 1.44 and a beta of 1.28. 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 released its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.04. The business had revenue of $620.40 million during the quarter, compared to analyst estimates 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 quarter 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. As a group, research analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on RNG. Jefferies Financial Group decreased 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. UBS Group reduced their target price on Ringcentral from $33.00 to $32.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. KeyCorp assumed coverage on Ringcentral in a research note on Friday, June 6th. They issued a "sector weight" rating for the company. Raymond James Financial reduced their target price on Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Finally, Mizuho raised their target price on Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $30.62.

About Ringcentral

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.