Lecap Asset Management Ltd. Sells 42,603 Shares of Ringcentral, Inc. $RNG

Key Points

• Lecap Asset Management Ltd. has reduced its stake in Ringcentral, Inc. by 80.7%, selling 42,603 shares and holding 10,202 shares worth $289,000 as of the latest quarter.
• CEO Vladimir Shmunis sold 46,932 shares valued at approximately $1.36 million, decreasing his ownership by 9.21%.
• Ringcentral reported a quarterly earnings increase, with earnings per share of $1.06, surpassing analysts' expectations and a year-over-year revenue growth of 4.6%.

Lecap Asset Management Ltd. lowered its stake in Ringcentral, Inc. (NYSE:RNG - Free Report) by 80.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,202 shares of the software maker's stock after selling 42,603 shares during the quarter. Lecap Asset Management Ltd.'s holdings in Ringcentral were worth $289,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its holdings in shares of Ringcentral by 13.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,966 shares of the software maker's stock worth $321,000 after acquiring an additional 1,586 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in Ringcentral by 116.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 44,524 shares of the software maker's stock worth $1,102,000 after purchasing an additional 23,997 shares during the last quarter. Fort Washington Investment Advisors Inc. OH grew its stake in shares of Ringcentral by 27.1% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 995,888 shares of the software maker's stock valued at $28,233,000 after purchasing an additional 212,146 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Ringcentral during the 4th quarter valued at about $545,000. Finally, Robeco Institutional Asset Management B.V. lifted its stake in shares of Ringcentral by 57.2% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 9,924 shares of the software maker's stock worth $246,000 after purchasing an additional 3,611 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insiders Place Their Bets

In other Ringcentral news, CEO Vladimir Shmunis sold 46,932 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $28.95, for a total value of $1,358,681.40. Following the completion of the transaction, the chief executive officer directly owned 462,429 shares in the company, valued at $13,387,319.55. This represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Tarun Arora sold 1,037 shares of the business's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $31.09, for a total transaction of $32,240.33. Following the completion of the transaction, the chief accounting officer directly owned 110,626 shares in the company, valued at $3,439,362.34. This trade represents a 0.93% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,430 shares of company stock worth $2,291,052 over the last three months. 6.97% of the stock is currently owned by company insiders.

Ringcentral Price Performance

RNG opened at $28.00 on Friday. The firm has a market cap of $2.53 billion, a P/E ratio of -199.95, a PEG ratio of 1.28 and a beta of 1.32. Ringcentral, Inc. has a 1-year low of $20.58 and a 1-year high of $42.19. The company has a 50 day simple moving average of $29.56 and a two-hundred day simple moving average of $27.40.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.04. The business had revenue of $620.40 million during the quarter, compared to analyst estimates of $617.90 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The company's revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the business posted $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. Equities analysts anticipate that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on RNG. Wall Street Zen upgraded shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. KeyCorp initiated coverage on shares of Ringcentral in a research note on Friday, June 6th. They set a "sector weight" rating on the stock. Oppenheimer upgraded Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price objective for the company in a research note on Wednesday, August 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ringcentral in a report on Saturday, September 27th. Finally, Wells Fargo & Company initiated coverage on Ringcentral in a report on Tuesday. They set an "equal weight" rating and a $32.00 price target for the company. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ringcentral currently has an average rating of "Hold" and an average target price of $31.38.

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.

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