Meritage Portfolio Management Makes New Investment in Ringcentral, Inc. $RNG

Key Points

• Meritage Portfolio Management has acquired a new stake in RingCentral, purchasing 24,577 shares valued at approximately $697,000 during the second quarter.
• Multiple institutional investors, including CWM LLC and New Century Financial Group LLC, have significantly increased their holdings in RingCentral during the same period.
• Analysts have mixed opinions on RingCentral, with ratings varying from "strong-buy" to "sell", and a consensus price target of $31.38.

Meritage Portfolio Management bought a new stake in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 24,577 shares of the software maker's stock, valued at approximately $697,000.

A number of other institutional investors also recently modified their holdings of RNG. CWM LLC boosted its position in shares of Ringcentral by 290.8% during the 2nd quarter. CWM LLC now owns 9,019 shares of the software maker's stock worth $256,000 after purchasing an additional 6,711 shares in the last quarter. KLP Kapitalforvaltning AS boosted its position in shares of Ringcentral by 4.6% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the software maker's stock worth $448,000 after purchasing an additional 700 shares in the last quarter. New Century Financial Group LLC boosted its position in shares of Ringcentral by 203.8% during the 2nd quarter. New Century Financial Group LLC now owns 33,286 shares of the software maker's stock worth $944,000 after purchasing an additional 22,329 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Ringcentral during the 2nd quarter worth about $49,000. Finally, Fort Washington Investment Advisors Inc. OH grew its stake in Ringcentral by 27.1% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 995,888 shares of the software maker's stock valued at $28,233,000 after acquiring an additional 212,146 shares during the period. Institutional investors and hedge funds own 98.61% of the company's stock.

Insider Transactions at Ringcentral

In other news, CAO Tarun Arora sold 1,037 shares of Ringcentral 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 27,018 shares of the business'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 transaction, the chief executive officer owned 407,529 shares in the company, valued at approximately $12,445,935.66. The trade was a 6.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 77,430 shares of company stock worth $2,291,052 in the last ninety days. Company insiders own 6.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RNG. Wells Fargo & Company began coverage on Ringcentral in a research note on Tuesday, September 30th. They issued an "equal weight" rating and a $32.00 price objective for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Ringcentral in a research note on Wednesday, October 8th. UBS Group decreased their price target 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 on the stock in a report on Wednesday, August 6th. Finally, Wall Street Zen upgraded shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Ringcentral currently has an average rating of "Hold" and a consensus price target of $31.38.

Ringcentral Stock Performance

Shares of RNG stock opened at $26.39 on Monday. Ringcentral, Inc. has a 52-week low of $20.58 and a 52-week high of $42.19. The company has a 50-day simple moving average of $29.71 and a two-hundred day simple moving average of $27.39. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of -188.49, a PEG ratio of 1.18 and a beta of 1.32.

Ringcentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.04. The company 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%.Ringcentral's revenue was up 4.6% on a year-over-year basis. During the same period last 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. On average, sell-side analysts forecast that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

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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