AlphaQuest LLC Has $876,000 Stock Holdings in Ringcentral, Inc. $RNG

Key Points

• AlphaQuest LLC increased its investment in RingCentral, Inc. by 23,331.1% during the first quarter, now owning 35,381 shares valued at $876,000.
• Several large investors, including Ameriprise Financial, HSBC Holdings, and Boston Partners, have also increased their stakes in RingCentral during the same period.
• RingCentral's stocks opened at $30.83, with a market cap of $2.79 billion, and the company recently reported earnings of $1.06 per share, exceeding analysts' expectations.

AlphaQuest LLC boosted its stake in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 23,331.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,381 shares of the software maker's stock after purchasing an additional 35,230 shares during the period. AlphaQuest LLC's holdings in Ringcentral were worth $876,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of RNG. Ameriprise Financial Inc. lifted its position in shares of Ringcentral by 7.9% in the first quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker's stock valued at $173,987,000 after buying an additional 512,834 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Ringcentral in the first quarter valued at approximately $351,000. Hsbc Holdings PLC lifted its position in shares of Ringcentral by 94.8% in the first quarter. Hsbc Holdings PLC now owns 101,521 shares of the software maker's stock valued at $2,486,000 after buying an additional 49,400 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Ringcentral by 17.0% in the first quarter. American Century Companies Inc. now owns 38,020 shares of the software maker's stock valued at $941,000 after buying an additional 5,521 shares during the last quarter. Finally, Boston Partners lifted its position 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 during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Ringcentral news, CFO Vaibhav Agarwal sold 2,443 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $30.70, for a total transaction of $75,000.10. Following the transaction, the chief financial officer owned 226,448 shares in the company, valued at $6,951,953.60. This trade represents a 1.07% 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, 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 value of $217,728.00. Following the transaction, the chief accounting officer owned 114,497 shares in the company, valued at approximately $3,205,916. This trade represents a 6.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,354 shares of company stock worth $3,063,152 in the last quarter. Insiders own 6.97% of the company's stock.

Ringcentral Trading Up 5.8%

Shares of NYSE RNG opened at $30.83 on Monday. The firm has a market cap of $2.79 billion, a P/E ratio of -220.20, a price-to-earnings-growth ratio of 1.42 and a beta of 1.28. Ringcentral, Inc. has a 1-year low of $20.58 and a 1-year high of $42.19. The business's 50 day moving average is $27.83 and its 200-day 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 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.04. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The company had revenue of $620.40 million for the quarter, compared to analyst estimates of $617.90 million. During the same quarter last year, the company earned $0.91 earnings per share. The firm's quarterly revenue was up 4.6% compared to the same quarter last year. Ringcentral has set its Q3 2025 guidance at 1.060-1.080 EPS. FY 2025 guidance at 4.200-4.320 EPS. Analysts forecast that Ringcentral, Inc. will post 1.29 EPS for the current year.

Analysts Set New Price Targets

RNG has been the subject of a number of recent analyst reports. Jefferies Financial Group cut their price objective on Ringcentral from $30.00 to $29.00 and set a "hold" rating for the company in a research report on Wednesday, August 6th. Oppenheimer raised Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price objective for the company in a research report on Wednesday, August 6th. Raymond James Financial cut their price objective on Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Wedbush cut their price objective on Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Wall Street Zen raised Ringcentral from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. Four analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $30.62.

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.

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