Northern Trust Corp Lowers Stock Holdings in Ringcentral, Inc. $RNG

Key Points

• Northern Trust Corp reduced its stake in Ringcentral, Inc. by 9.0%, now holding approximately 482,110 shares valued at $11.94 million.
• Several hedge funds increased their positions in Ringcentral, with notable increases from Allspring Global Investments (13.9%) and Cambridge Investment Research (116.9%).
• Ringcentral reported a quarterly earnings per share (EPS) of $1.06, slightly exceeding analyst expectations, while the company's shares have seen a year-to-date trading range between $20.58 and $42.19.

Northern Trust Corp lessened its holdings in Ringcentral, Inc. (NYSE:RNG - Free Report) by 9.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 482,110 shares of the software maker's stock after selling 47,636 shares during the quarter. Northern Trust Corp owned about 0.53% of Ringcentral worth $11,937,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of RNG. Schonfeld Strategic Advisors LLC acquired a new position in Ringcentral in the 4th quarter worth approximately $237,000. AXA S.A. increased its holdings in Ringcentral by 54.6% in the 4th quarter. AXA S.A. now owns 110,427 shares of the software maker's stock worth $3,866,000 after buying an additional 39,002 shares during the period. Bayesian Capital Management LP acquired a new stake in shares of Ringcentral during the 4th quarter worth approximately $284,000. Captrust Financial Advisors acquired a new stake in shares of Ringcentral during the 4th quarter worth approximately $225,000. Finally, Brevan Howard Capital Management LP grew its stake in shares of Ringcentral by 96.2% during the 4th quarter. Brevan Howard Capital Management LP now owns 34,159 shares of the software maker's stock worth $1,196,000 after purchasing an additional 16,750 shares during the period. Institutional investors and hedge funds own 98.61% of the company's stock.

Ringcentral Stock Performance

Shares of NYSE:RNG traded up $0.52 during midday trading on Monday, reaching $32.46. 2,020,955 shares of the company's stock traded hands, compared to its average volume of 1,489,627. Ringcentral, Inc. has a 1 year low of $20.58 and a 1 year high of $42.19. The company has a market cap of $2.94 billion, a P/E ratio of -231.87, a PEG ratio of 1.47 and a beta of 1.32. The company has a fifty day simple moving average of $28.53 and a two-hundred day simple moving average of $27.01.

Ringcentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.04. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The company had revenue of $620.40 million for the quarter, compared to analyst estimates of $617.90 million. During the same quarter last year, the firm posted $0.91 EPS. The firm'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. As a group, research analysts forecast that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Analysts Set New Price Targets

RNG has been the topic of a number of analyst reports. Oppenheimer raised shares of Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price objective on the stock in a research note on Wednesday, August 6th. Wall Street Zen raised shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 5th. Jefferies Financial Group dropped their price objective 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. Mizuho raised their price objective on shares of Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $32.00 price objective on shares of Ringcentral in a research note 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 company. According to data from MarketBeat.com, Ringcentral presently has an average rating of "Hold" and an average target price of $30.62.

Insider Buying and Selling

In related news, CFO Vaibhav Agarwal sold 2,443 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $30.70, for a total transaction of $75,000.10. Following the completion of the sale, the chief financial officer directly owned 226,448 shares of the company's stock, valued at approximately $6,951,953.60. This trade represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 sale, the chief accounting officer directly owned 110,626 shares of the company's stock, 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 90 days. Insiders own 6.97% of the company's stock.

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.