AlphaQuest LLC Purchases 35,230 Shares of 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 increased its holdings in Ringcentral, Inc. (NYSE:RNG - Free Report) by 23,331.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its position in shares of Ringcentral by 7.9% in the 1st quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker's stock worth $173,987,000 after purchasing an additional 512,834 shares during the period. AQR Capital Management LLC increased its stake in Ringcentral by 24.5% during the 4th quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock valued at $56,446,000 after purchasing an additional 317,689 shares in the last quarter. Jupiter Asset Management Ltd. increased its stake in Ringcentral by 29.0% during the 1st quarter. Jupiter Asset Management Ltd. now owns 1,365,724 shares of the software maker's stock valued at $33,815,000 after purchasing an additional 306,971 shares in the last quarter. Two Sigma Investments LP increased its stake in Ringcentral by 35.9% during the 4th quarter. Two Sigma Investments LP now owns 796,575 shares of the software maker's stock valued at $27,888,000 after purchasing an additional 210,365 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH grew its stake in shares of Ringcentral by 42.4% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 783,742 shares of the software maker's stock worth $19,405,000 after acquiring an additional 233,438 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

Ringcentral Stock Down 0.7%

NYSE:RNG traded down $0.22 during trading hours on Friday, hitting $30.49. 1,695,116 shares of the stock traded hands, compared to its average volume of 2,253,972. Ringcentral, Inc. has a 1 year low of $20.58 and a 1 year high of $42.19. The company has a market cap of $2.76 billion, a price-to-earnings ratio of -217.77, a price-to-earnings-growth ratio of 1.40 and a beta of 1.28. The stock has a 50 day moving average price of $28.19 and a 200 day moving average price of $27.13.

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

Insider Activity at Ringcentral

In other news, COO Kira Makagon sold 21,185 shares of Ringcentral stock in a transaction that occurred on Friday, June 27th. The shares were 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 in the company, valued at $11,439,597.39. This trade represents a 4.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 27,018 shares of Ringcentral stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $30.54, for a total transaction of $825,129.72. Following the sale, the chief executive officer owned 407,529 shares in the company, valued at approximately $12,445,935.66. The trade was a 6.22% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 106,391 shares of company stock worth $3,095,392. 6.97% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

RNG has been the subject of a number of research analyst reports. Jefferies Financial Group reduced their price target on shares of Ringcentral from $30.00 to $29.00 and set a "hold" rating for the company in a research note on Wednesday, August 6th. Piper Sandler lifted their price target on shares of Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Mizuho lifted their price target on shares of Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. KeyCorp began coverage on shares of Ringcentral in a report on Friday, June 6th. They issued a "sector weight" rating on the stock. Finally, Oppenheimer raised shares of Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price objective on the stock in a report on Wednesday, August 6th. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus 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.