Ringcentral, Inc. $RNG Shares Acquired by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in RingCentral, Inc. by 94.8%, acquiring over 49,000 additional shares, bringing its total ownership to about $2.5 million.
• Institutional investors now own around 98.61% of RingCentral's stock, indicating strong support from major financial entities.
• In its latest earnings report, RingCentral posted earnings per share of $1.06, surpassing analyst expectations, with revenue up 4.6% year-over-year.

Hsbc Holdings PLC raised its stake in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 94.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 101,521 shares of the software maker's stock after purchasing an additional 49,400 shares during the quarter. Hsbc Holdings PLC owned about 0.11% of Ringcentral worth $2,486,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Rafferty Asset Management LLC increased its stake in Ringcentral by 1.7% during the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock valued at $689,000 after purchasing an additional 325 shares in the last quarter. Gagnon Securities LLC increased its stake in 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 purchasing an additional 452 shares in the last quarter. Private Advisor Group LLC increased its stake in 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 purchasing an additional 552 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in 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 purchasing an additional 615 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Ringcentral by 4.0% in the 1st quarter. Allianz Asset Management GmbH now owns 34,200 shares of the software maker's stock valued at $847,000 after acquiring an additional 1,300 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RNG shares. 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 report on Wednesday, August 6th. Wall Street Zen raised shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. UBS Group dropped their price objective on shares of Ringcentral from $33.00 to $32.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. 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 report on Wednesday, August 6th. Finally, Wedbush dropped their price objective on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Four analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $30.62.

Ringcentral Trading Down 0.7%

RNG traded down $0.22 during midday trading on Monday, hitting $30.49. 1,695,116 shares of the company traded hands, compared to its average volume of 2,229,068. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of -217.77, a PEG ratio of 1.40 and a beta of 1.32. Ringcentral, Inc. has a 52-week low of $20.58 and a 52-week high of $42.19. The business has a 50 day simple moving average of $28.19 and a two-hundred day simple moving average of $27.08.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.04. The business had revenue of $620.40 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last 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 research analysts anticipate that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insider Activity at Ringcentral

In other news, COO Kira Makagon sold 21,185 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $27.69, for a total value of $586,612.65. Following the completion of the sale, the chief operating officer directly owned 413,131 shares in the company, valued at $11,439,597.39. This represents a 4.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Vladimir Shmunis sold 46,932 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer owned 462,429 shares of the company's stock, valued at $13,387,319.55. This trade represents a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 106,391 shares of company stock valued at $3,095,392. 6.97% of the stock is currently owned by company insiders.

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.