Jacobs Levy Equity Management Inc. Has $21.56 Million Stock Position in Ringcentral, Inc. $RNG

Key Points

• Jacobs Levy Equity Management Inc. increased its stake in RingCentral, Inc. by 354.8% in Q1, owning approximately 870,666 shares valued at $21.56 million.
• RingCentral reported an EPS of $1.06 for its latest quarter, surpassing estimates and showing a 4.6% year-over-year revenue increase to $620.4 million.
• Analysts have varied price targets for RingCentral, with Oppenheimer upgrading it to an "outperform" rating and setting a target of $35.00, while others like UBS lowered their target to $32.00.

Jacobs Levy Equity Management Inc. lifted its position in Ringcentral, Inc. (NYSE:RNG - Free Report) by 354.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 870,666 shares of the software maker's stock after buying an additional 679,211 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.96% of Ringcentral worth $21,558,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Ameriprise Financial Inc. grew its holdings in shares of Ringcentral by 7.9% during the first quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker's stock valued at $173,987,000 after buying an additional 512,834 shares in the last quarter. Contour Asset Management LLC purchased a new position in shares of Ringcentral during the first quarter valued at $45,650,000. Jupiter Asset Management Ltd. grew its holdings in shares of Ringcentral by 29.0% during the first quarter. Jupiter Asset Management Ltd. now owns 1,365,724 shares of the software maker's stock valued at $33,815,000 after buying an additional 306,971 shares in the last quarter. Two Sigma Investments LP grew its holdings in shares of Ringcentral by 35.9% during the fourth quarter. Two Sigma Investments LP now owns 796,575 shares of the software maker's stock valued at $27,888,000 after buying an additional 210,365 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH grew its holdings in shares of Ringcentral by 42.4% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 783,742 shares of the software maker's stock valued at $19,405,000 after buying an additional 233,438 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Ringcentral Stock Up 1.5%

Ringcentral stock traded up $0.47 during mid-day trading on Thursday, hitting $31.10. 724,297 shares of the company's stock were exchanged, compared to its average volume of 1,487,395. The firm has a market capitalization of $2.82 billion, a P/E ratio of -221.91, a PEG ratio of 1.45 and a beta of 1.32. The company's 50 day simple moving average is $28.69 and its 200-day simple moving average is $27.09. Ringcentral, Inc. has a fifty-two week low of $20.58 and a fifty-two week high of $42.19.

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 for the quarter, compared to analyst estimates of $617.90 million. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the company 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. Research analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

Analyst Ratings Changes

RNG has been the topic of a number of research analyst reports. KeyCorp initiated coverage on Ringcentral in a report on Friday, June 6th. They set a "sector weight" rating on the stock. Wall Street Zen upgraded Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. UBS Group lowered their price target on Ringcentral from $33.00 to $32.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $32.00 target price on shares of Ringcentral in a research report on Monday, May 19th. Finally, Oppenheimer raised Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 target price on the stock in a research report on Wednesday, August 6th. Four analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $30.62.

Insider Transactions at Ringcentral

In related news, CFO Vaibhav Agarwal sold 2,443 shares of Ringcentral stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $30.70, for a total value of $75,000.10. Following the sale, the chief financial officer owned 226,448 shares of the company's stock, valued at approximately $6,951,953.60. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Kira Makagon sold 21,185 shares of Ringcentral 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 approximately $11,439,597.39. This represents a 4.88% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 106,391 shares of company stock valued at $3,095,392. 6.97% of the stock is currently owned by company insiders.

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.