Ringcentral, Inc. $RNG Shares Sold by Rhumbline Advisers

Key Points

• Rhumbline Advisers reduced its stake in RingCentral, Inc. by selling 8,652 shares, bringing its total ownership to 91,765 shares, valued at approximately $2.27 million.
• Wall Street analysts have mixed views on RingCentral, with reported target prices ranging from $29.00 to $35.00 and an average rating of "Hold."
• Following its latest earnings report, RingCentral provided Q3 guidance of $1.060-$1.080 EPS and FY 2025 guidance of $4.200-$4.320 EPS.

Rhumbline Advisers trimmed its holdings in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 8.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 91,765 shares of the software maker's stock after selling 8,652 shares during the period. Rhumbline Advisers owned approximately 0.10% of Ringcentral worth $2,272,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in RNG. Rafferty Asset Management LLC grew its holdings in shares of Ringcentral by 1.7% during the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock worth $689,000 after buying an additional 325 shares in the last quarter. Gagnon Securities LLC boosted its position in shares of Ringcentral by 5.9% during the 1st quarter. Gagnon Securities LLC now owns 8,155 shares of the software maker's stock valued at $202,000 after acquiring an additional 452 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Ringcentral by 6.2% during the 1st quarter. Private Advisor Group LLC now owns 9,448 shares of the software maker's stock valued at $234,000 after acquiring an additional 552 shares during the last quarter. PNC Financial Services Group Inc. boosted its position 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 valued at $72,000 after acquiring an additional 615 shares during the last quarter. Finally, Empowered Funds LLC boosted its position in shares of Ringcentral by 9.0% during the 1st quarter. Empowered Funds LLC now owns 11,417 shares of the software maker's stock valued at $283,000 after acquiring an additional 940 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RNG. KeyCorp began coverage on shares of Ringcentral in a research report on Friday, June 6th. They issued a "sector weight" rating on the stock. UBS Group decreased their target price on shares of Ringcentral from $33.00 to $32.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Oppenheimer upgraded shares of Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price target on the stock in a research note on Wednesday, August 6th. Wall Street Zen upgraded shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 5th. Finally, 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 research note on Wednesday, August 6th. Four equities research analysts have rated the stock with a Buy rating, nine have issued 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 Activity at Ringcentral

In other news, CEO Vladimir Shmunis sold 46,932 shares of the firm'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 transaction of $1,358,681.40. Following the transaction, the chief executive officer directly owned 462,429 shares in the company, valued at approximately $13,387,319.55. This trade represents a 9.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 2,443 shares of Ringcentral stock in a transaction on Monday, August 18th. The shares were sold at an average price of $30.70, for a total transaction of $75,000.10. Following the completion of the transaction, the chief financial officer directly owned 226,448 shares in the company, valued at $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. Over the last three months, insiders have sold 106,391 shares of company stock valued at $3,095,392. Company insiders own 6.97% of the company's stock.

Ringcentral Stock Down 1.9%

Ringcentral stock traded down $0.62 during mid-day trading on Friday, hitting $31.24. The company had a trading volume of 1,738,503 shares, compared to its average volume of 1,691,572. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of -223.13, a PEG ratio of 1.43 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 business has a fifty day moving average of $28.97 and a 200 day moving average of $27.21.

Ringcentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, beating the consensus estimate of $1.02 by $0.04. The company had revenue of $620.40 million for 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 firm's revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the firm 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.

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.