AQR Capital Management LLC Sells 337,163 Shares of Ringcentral, Inc. $RNG

AQR Capital Management LLC decreased its holdings in Ringcentral, Inc. (NYSE:RNG - Free Report) by 20.9% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,275,107 shares of the software maker's stock after selling 337,163 shares during the period. AQR Capital Management LLC owned approximately 1.41% of Ringcentral worth $31,240,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Northern Trust Corp grew its position in Ringcentral by 2.3% in the fourth quarter. Northern Trust Corp now owns 529,746 shares of the software maker's stock valued at $18,546,000 after acquiring an additional 11,911 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in Ringcentral during the 4th quarter worth $237,000. Captrust Financial Advisors acquired a new position in Ringcentral in the 4th quarter worth $225,000. Deutsche Bank AG lifted its holdings in Ringcentral by 18.8% in the 4th quarter. Deutsche Bank AG now owns 75,154 shares of the software maker's stock worth $2,631,000 after buying an additional 11,902 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its position in Ringcentral by 62.9% in the 4th quarter. Quantinno Capital Management LP now owns 220,750 shares of the software maker's stock valued at $7,728,000 after buying an additional 85,276 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Ringcentral Stock Down 1.2%

RNG traded down $0.38 during trading on Friday, hitting $30.89. The company had a trading volume of 467,348 shares, compared to its average volume of 1,484,194. The company has a market capitalization of $2.80 billion, a PE ratio of -220.66, a PEG ratio of 1.40 and a beta of 1.32. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $42.19. The firm's 50-day moving average price is $28.71 and its 200 day moving average price is $27.10.

Ringcentral (NYSE:RNG - Get Free Report) last released its quarterly 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 for the quarter, compared to the consensus estimate 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 for the quarter 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. Sell-side analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insider Transactions at Ringcentral

In other Ringcentral news, COO Kira Makagon sold 21,185 shares of the company's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $27.69, for a total transaction of $586,612.65. Following the completion of the transaction, the chief operating officer owned 413,131 shares of the company's stock, valued at $11,439,597.39. This represents a 4.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 2,443 shares of Ringcentral stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $30.70, for a total transaction of $75,000.10. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 106,391 shares of company stock worth $3,095,392. 6.97% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently commented on RNG. KeyCorp initiated coverage on Ringcentral in a report on Friday, June 6th. They issued a "sector weight" rating for the company. Rosenblatt Securities reissued a "buy" rating and set a $32.00 price target on shares of Ringcentral in a research report on Monday, May 19th. UBS Group reduced their price objective on shares of Ringcentral from $33.00 to $32.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Wall Street Zen raised shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. Finally, Oppenheimer upgraded Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price target for the company in a research note on Wednesday, August 6th. Four research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $30.62.

Ringcentral 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.