Alyeska Investment Group L.P. Has $4.95 Million Holdings in Ringcentral, Inc. $RNG

Key Points

• Alyeska Investment Group L.P. has significantly reduced its stake in RingCentral, Inc. by 87.9%, selling 1,453,192 shares and now owning approximately 0.22% of the company valued at $4.95 million.
• Institutional investors hold a majority of RingCentral's stock, owning 98.61% of shares, with major investment adjustments from firms like Contour Asset Management and Ameriprise Financial.
• RingCentral's stock performance shows a market capitalization of $2.89 billion, with a current share price of $31.88 and a consensus rating of "Hold" from analysts, reflecting mixed sentiments on its future prospects.

Alyeska Investment Group L.P. lessened its stake in Ringcentral, Inc. (NYSE:RNG - Free Report) by 87.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 200,000 shares of the software maker's stock after selling 1,453,192 shares during the quarter. Alyeska Investment Group L.P. owned approximately 0.22% of Ringcentral worth $4,952,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. New Age Alpha Advisors LLC acquired a new stake in shares of Ringcentral in the 1st quarter valued at approximately $49,000. PNC Financial Services Group Inc. lifted 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 purchasing an additional 615 shares during the last quarter. Bayforest Capital Ltd acquired a new stake in Ringcentral during the 1st quarter valued at $145,000. GAMMA Investing LLC lifted 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 purchasing an additional 5,536 shares during the last quarter. Finally, Captrust Financial Advisors acquired a new stake in Ringcentral during the 4th quarter valued at $225,000. Institutional investors and hedge funds own 98.61% of the company's stock.

Insiders Place Their Bets

In other Ringcentral news, CEO Vladimir Shmunis sold 46,932 shares of the business'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 approximately $13,387,319.55. The trade was a 9.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Kira Makagon sold 21,185 shares of the business's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $27.69, for a total value of $586,612.65. Following the completion of the transaction, the chief operating officer directly owned 413,131 shares in the company, valued at approximately $11,439,597.39. This trade represents a 4.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 106,391 shares of company stock valued at $3,095,392 in the last ninety days. 6.97% of the stock is owned by corporate insiders.

Ringcentral Stock Performance

Shares of NYSE:RNG traded up $0.52 during midday trading on Monday, hitting $32.46. 2,020,955 shares of the stock were exchanged, compared to its average volume of 1,762,515. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of -231.87, a P/E/G ratio of 1.47 and a beta of 1.32. The business's 50-day moving average price is $28.61 and its 200 day moving average price is $27.03. 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 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.04. The company had revenue of $620.40 million for 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 firm's quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 earnings per share. 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, sell-side analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $32.00 price target on shares of Ringcentral in a report on Monday, May 19th. KeyCorp assumed coverage on Ringcentral in a report on Friday, June 6th. They set a "sector weight" rating for the company. Mizuho raised their price target on Ringcentral from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Monday, May 12th. 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. Finally, Jefferies Financial Group cut their price target on Ringcentral from $30.00 to $29.00 and set a "hold" rating for the company 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 assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target 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.