Ringcentral, Inc. $RNG Shares Sold by Charles Schwab Investment Management Inc.

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. lowered its stake in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 7.7% during the 1st quarter, according to the company in its most recent filing with the 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 0.85% of Ringcentral worth $19,024,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. New Age Alpha Advisors LLC bought a new position in Ringcentral during the first quarter valued at $49,000. PNC Financial Services Group Inc. boosted its stake in shares of Ringcentral by 26.6% during the 1st 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. Quarry LP boosted its stake in shares of Ringcentral by 84.1% during the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after purchasing an additional 1,599 shares during the period. GAMMA Investing LLC grew 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, Bayforest Capital Ltd purchased a new stake in Ringcentral in the 1st quarter worth about $145,000. 98.61% of the stock is currently owned by institutional investors.

Insider Activity

In other Ringcentral news, COO Kira Makagon sold 21,185 shares of the firm'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 sale, the chief operating officer directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 2,443 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $30.70, for a total value of $75,000.10. Following the transaction, the chief financial officer directly owned 226,448 shares in the company, valued at approximately $6,951,953.60. The trade was a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,354 shares of company stock worth $3,063,152. Insiders own 6.97% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RNG shares. Oppenheimer raised Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 target price on the stock in a research note on Wednesday, August 6th. Piper Sandler upped their price objective on Ringcentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. KeyCorp assumed coverage on Ringcentral in a research report on Friday, June 6th. They set a "sector weight" rating for the company. Jefferies Financial Group cut their price target on shares of Ringcentral from $30.00 to $29.00 and set a "hold" rating on the stock in a report on Wednesday, August 6th. Finally, Raymond James Financial decreased their price objective on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Four investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $30.62.

Ringcentral Price Performance

NYSE RNG traded up $0.37 during midday trading on Monday, hitting $31.24. 1,482,987 shares of the company traded hands, compared to its average volume of 2,080,950. Ringcentral, Inc. has a 52 week low of $20.58 and a 52 week high of $42.19. The company's 50-day simple moving average is $27.91 and its 200-day simple moving average is $27.20. The company has a market cap of $2.83 billion, a PE ratio of -223.13, a price-to-earnings-growth ratio of 1.42 and a beta of 1.28.

Ringcentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.04. The company 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 firm's revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter last year, the company 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, research analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

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.