Ringcentral, Inc. $RNG Shares Acquired by Invesco Ltd.

Key Points

• Invesco Ltd. increased its stake in RingCentral, Inc. by 16.4%, owning approximately 0.14% of the company with a value of about $3.08 million.
• Several large investors, including Dimensional Fund Advisors LP and AQR Capital Management LLC, also raised their positions in RingCentral during the fourth quarter, indicating strong institutional interest.
• RingCentral's latest earnings report showed a 4.6% increase in revenue year-over-year, surpassing analyst estimates with earnings of $1.06 per share compared to the expected $1.02.

Invesco Ltd. lifted its stake in Ringcentral, Inc. (NYSE:RNG - Free Report) by 16.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 124,489 shares of the software maker's stock after purchasing an additional 17,566 shares during the quarter. Invesco Ltd. owned about 0.14% of Ringcentral worth $3,082,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have 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 first quarter valued at approximately $49,000. PNC Financial Services Group Inc. lifted its holdings 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 during the last quarter. Bayforest Capital Ltd acquired a new position in Ringcentral in the first quarter valued at approximately $145,000. GAMMA Investing LLC lifted its holdings 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 during the last quarter. Finally, Captrust Financial Advisors acquired a new position in Ringcentral in the fourth quarter valued at approximately $225,000. Institutional investors and hedge funds own 98.61% of the company's stock.

Ringcentral Price Performance

Shares of RNG stock traded down $0.22 during trading hours on Monday, hitting $30.49. The stock had a trading volume of 1,695,116 shares, compared to its average volume of 2,229,068. The firm has a market capitalization of $2.76 billion, a PE ratio of -217.77, a PEG ratio of 1.40 and a beta of 1.32. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $42.19. The stock's 50 day moving average is $28.27 and its 200 day moving average is $27.06.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 earnings per share for the quarter, beating 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 return on equity of 19.63% and a negative net margin of 0.50%.The company's revenue was up 4.6% compared to the same quarter last year. During the same period in the prior 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. As a group, equities analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Analysts Set New Price Targets

RNG has been the topic of a number of recent analyst reports. UBS Group decreased their price objective on Ringcentral from $33.00 to $32.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Jefferies Financial Group decreased their price objective on Ringcentral from $30.00 to $29.00 and set a "hold" rating on the stock in a report 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 report on Friday, May 9th. Wedbush decreased their price objective on Ringcentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, Wall Street Zen upgraded Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. Four investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $30.62.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 2,443 shares of the business's stock in a transaction that occurred 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 owned 226,448 shares of the company's stock, valued at approximately $6,951,953.60. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible 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. The trade was a 4.88% decrease in their position. 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. 6.97% of the stock is currently owned by company insiders.

Ringcentral Company 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.