16,186 Shares in Ringcentral, Inc. $RNG Bought by Magnetar Financial LLC

Key Points

• Magnetar Financial LLC acquired 16,186 shares of Ringcentral, Inc. (NYSE:RNG) valued at approximately $401,000 in the first quarter of the year.
• Several institutional investors also increased their stakes in Ringcentral, with significant boosts from companies like GAMMA Investing LLC and Kayne Anderson Rudnick Investment Management LLC.
• Ringcentral reported a positive quarterly earnings performance, with $1.06 earnings per share, slightly exceeding analysts' expectations of $1.02.

Magnetar Financial LLC acquired a new position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 16,186 shares of the software maker's stock, valued at approximately $401,000.

Other institutional investors 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. raised its position in Ringcentral by 26.6% during the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock valued at $72,000 after purchasing an additional 615 shares in the last quarter. GAMMA Investing LLC raised its position in Ringcentral by 1,803.3% during the first 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 in the last quarter. Bayforest Capital Ltd acquired a new position in Ringcentral during the first quarter valued at approximately $145,000. Finally, Kayne Anderson Rudnick Investment Management LLC raised its position in Ringcentral by 405.0% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,080 shares of the software maker's stock valued at $175,000 after purchasing an additional 5,678 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 27,018 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $30.54, for a total value of $825,129.72. Following the sale, the chief executive officer directly owned 407,529 shares of the company's stock, valued at $12,445,935.66. This trade represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Tarun Arora sold 1,037 shares of the firm's stock in a transaction dated Tuesday, August 26th. The stock was 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 directly owned 110,626 shares in the company, valued at $3,439,362.34. The trade was a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 106,391 shares of company stock valued at $3,095,392 over the last three months. Company insiders own 6.97% of the company's stock.

Analyst Ratings Changes

RNG has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. UBS Group decreased their price objective on Ringcentral from $33.00 to $32.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. KeyCorp initiated coverage on Ringcentral in a report on Friday, June 6th. They issued a "sector weight" rating for the company. Mizuho increased their price objective on Ringcentral from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $32.00 price objective on shares of Ringcentral in a report on Monday, May 19th. 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $30.62.

Ringcentral Stock Performance

NYSE:RNG traded up $1.35 on Friday, hitting $31.88. The stock had a trading volume of 1,789,709 shares, compared to its average volume of 1,782,121. Ringcentral, Inc. has a 1 year low of $20.58 and a 1 year high of $42.19. The firm's fifty day simple moving average is $28.53 and its two-hundred day simple moving average is $27.03. The stock has a market cap of $2.89 billion, a P/E ratio of -227.73, a price-to-earnings-growth ratio of 1.47 and a beta of 1.32.

Ringcentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, topping the consensus estimate of $1.02 by $0.04. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The company had revenue of $620.40 million during the quarter, compared to the consensus estimate of $617.90 million. During the same period last year, the firm earned $0.91 EPS. Ringcentral's revenue for the quarter was up 4.6% on a year-over-year basis. Ringcentral has set its Q3 2025 guidance at 1.060-1.080 EPS. FY 2025 guidance at 4.200-4.320 EPS. Equities research analysts predict that Ringcentral, Inc. will post 1.29 EPS 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.