Alyeska Investment Group L.P. Decreases Stake 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 shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 87.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 about 0.22% of Ringcentral worth $4,952,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. New Age Alpha Advisors LLC bought a new position in Ringcentral in the first quarter worth approximately $49,000. PNC Financial Services Group Inc. raised its position in shares of Ringcentral by 26.6% during the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock worth $72,000 after purchasing an additional 615 shares during the period. GAMMA Investing LLC raised its position in shares of Ringcentral by 1,803.3% during the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock worth $145,000 after purchasing an additional 5,536 shares during the period. Bayforest Capital Ltd bought a new position in shares of Ringcentral in the 1st quarter worth $145,000. Finally, Kayne Anderson Rudnick Investment Management LLC grew its position in Ringcentral by 405.0% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,080 shares of the software maker's stock valued at $175,000 after purchasing an additional 5,678 shares during the period. 98.61% of the stock is owned by institutional investors.

Ringcentral Stock Up 2.0%

Ringcentral stock traded up $0.61 during mid-day trading on Thursday, reaching $31.24. 1,174,079 shares of the company's stock were exchanged, compared to its average volume of 1,747,103. The business's fifty day simple moving average is $28.71 and its 200 day simple moving average is $27.10. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $42.19. The firm has a market capitalization of $2.83 billion, a PE ratio of -223.13, a P/E/G ratio of 1.40 and a beta of 1.32.

Ringcentral (NYSE:RNG - Get Free Report) last announced its earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.04. The firm 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 business's revenue was up 4.6% compared to the same quarter last year. During the same period last year, the firm 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. On average, sell-side analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insider Activity at Ringcentral

In other Ringcentral news, CEO Vladimir Shmunis sold 27,018 shares of the business'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 transaction, the chief executive officer directly owned 407,529 shares in the company, valued at $12,445,935.66. The trade was a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Kira Makagon sold 21,185 shares of the 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 transaction, the chief operating officer directly owned 413,131 shares of the company's stock, valued at $11,439,597.39. This represents a 4.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 106,391 shares of company stock worth $3,095,392. Insiders own 6.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RNG shares. KeyCorp initiated coverage on shares of Ringcentral in a report on Friday, June 6th. They set a "sector weight" rating on the stock. Oppenheimer upgraded shares of Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 target price on the stock in a report on Wednesday, August 6th. Jefferies Financial Group dropped their price target on shares of Ringcentral from $30.00 to $29.00 and set a "hold" rating on the stock in a research report on Wednesday, August 6th. Rosenblatt Securities reissued a "buy" rating and set a $32.00 price objective on shares of Ringcentral in a report on Monday, May 19th. Finally, UBS Group dropped their target price on Ringcentral from $33.00 to $32.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Four 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. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus 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.