Charles Schwab Investment Management Inc. Reduces Stock Position in Ringcentral, Inc. $RNG

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Ringcentral, Inc. by 7.7%, ending the first quarter with approximately $19 million in holdings.
• Insider transactions included CEO Vladimir Shmunis selling over 46,000 shares at about $28.95, reducing his ownership by 9.21%.
• Analysts' ratings on Ringcentral vary, with Oppenheimer upgrading to "outperform" and setting a price target of $35.00, while Jefferies Financial Group lowered their target to $29.00.

Charles Schwab Investment Management Inc. lessened its holdings in Ringcentral, Inc. (NYSE:RNG - Free Report) by 7.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 768,341 shares of the software maker's stock after selling 63,856 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.85% of Ringcentral worth $19,024,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. New Age Alpha Advisors LLC acquired a new position in Ringcentral in the first quarter valued at $49,000. PNC Financial Services Group Inc. boosted its stake in Ringcentral by 26.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock valued at $72,000 after acquiring an additional 615 shares in the last quarter. Quarry LP boosted its stake in Ringcentral by 84.1% in the fourth quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after acquiring an additional 1,599 shares in the last quarter. GAMMA Investing LLC boosted its stake in Ringcentral by 1,803.3% in the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock valued at $145,000 after acquiring an additional 5,536 shares in the last quarter. Finally, Bayforest Capital Ltd acquired a new position in Ringcentral in the first quarter valued at $145,000. Institutional investors and hedge funds own 98.61% of the company's stock.

Ringcentral Trading Up 0.1%

Shares of RNG traded up $0.04 during mid-day trading on Thursday, hitting $30.76. 2,097,554 shares of the company's stock were exchanged, compared to its average volume of 2,211,666. Ringcentral, Inc. has a fifty-two week low of $20.58 and a fifty-two week high of $42.19. The firm has a market capitalization of $2.79 billion, a P/E ratio of -219.70, a P/E/G ratio of 1.41 and a beta of 1.28. The business's 50 day moving average is $28.12 and its two-hundred 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 the consensus estimate of $1.02 by $0.04. The business had revenue of $620.40 million during the quarter, compared to the consensus estimate of $617.90 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The business's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior 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. On average, equities research analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on RNG shares. Mizuho upped their price objective on shares of Ringcentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. Jefferies Financial Group decreased their price objective 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. UBS Group decreased their price objective on shares of Ringcentral from $33.00 to $32.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Oppenheimer upgraded shares of Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 target price for the company in a research note on Wednesday, August 6th. Finally, Wedbush decreased their target price on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Four research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Ringcentral has a consensus rating of "Hold" and a consensus target price of $30.62.

Insider Activity

In related news, CAO Tarun Arora sold 1,037 shares of the firm's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $31.09, for a total value of $32,240.33. Following the completion of the sale, the chief accounting officer owned 110,626 shares in the company, valued at $3,439,362.34. This trade represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Vladimir Shmunis sold 27,018 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $30.54, for a total transaction of $825,129.72. Following the completion of the sale, the chief executive officer owned 407,529 shares of the company's stock, 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. Insiders have sold 106,391 shares of company stock worth $3,095,392 in the last three months. 6.97% of the stock is currently owned by company insiders.

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.