Russell Investments Group Ltd. Sells 44,605 Shares of Ringcentral, Inc. $RNG

Key Points

• Russell Investments Group Ltd. has reduced its stake in RingCentral, Inc. (NYSE:RNG) by 19.0%, owning 189,651 shares valued at approximately $4.75 million after selling 44,605 shares in the first quarter.
• Wall Street analysts currently have a consensus rating of "Hold" for RingCentral, with price targets ranging from $29.00 to $36.00.
• In recent trading, RingCentral's shares opened at $29.12, reflecting a 1.0% decline, while the company's most recent quarterly earnings report showed a slight revenue increase of 4.6% year-over-year.

Russell Investments Group Ltd. reduced its position in Ringcentral, Inc. (NYSE:RNG - Free Report) by 19.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 189,651 shares of the software maker's stock after selling 44,605 shares during the period. Russell Investments Group Ltd. owned about 0.21% of Ringcentral worth $4,752,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Nuveen LLC purchased a new position in shares of Ringcentral in the first quarter worth approximately $12,101,000. Invesco Ltd. increased its position in shares of Ringcentral by 16.4% in the first quarter. Invesco Ltd. now owns 124,489 shares of the software maker's stock worth $3,082,000 after acquiring an additional 17,566 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Ringcentral by 49.7% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 464,637 shares of the software maker's stock worth $11,504,000 after acquiring an additional 154,301 shares in the last quarter. Gagnon Securities LLC boosted its holdings in shares of Ringcentral by 5.9% during the first quarter. Gagnon Securities LLC now owns 8,155 shares of the software maker's stock worth $202,000 after purchasing an additional 452 shares during the period. Finally, Deutsche Bank AG boosted its holdings in shares of Ringcentral by 9.1% during the first quarter. Deutsche Bank AG now owns 81,975 shares of the software maker's stock worth $2,030,000 after purchasing an additional 6,821 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Vladimir Shmunis sold 46,932 shares of Ringcentral stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $28.95, for a total value of $1,358,681.40. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 2,443 shares of Ringcentral stock in a transaction that occurred 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 approximately $6,951,953.60. This represents a 1.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 106,391 shares of company stock worth $3,095,392. 6.97% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on RNG. Oppenheimer upgraded shares of Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price target for the company in a report on Wednesday, August 6th. Wedbush decreased their price target on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Piper Sandler upped their target price on Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Jefferies Financial Group dropped their target price on Ringcentral from $30.00 to $29.00 and set a "hold" rating on the stock in a research report on Wednesday, August 6th. Finally, Wall Street Zen raised Ringcentral from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. Four investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $30.62.

Ringcentral Trading Up 1.8%

NYSE RNG traded up $0.53 during trading on Wednesday, reaching $30.77. The company's stock had a trading volume of 4,103,333 shares, compared to its average volume of 2,076,334. The stock has a market capitalization of $2.79 billion, a PE ratio of -219.78, a PEG ratio of 1.39 and a beta of 1.28. The business has a 50-day moving average price of $28.05 and a 200-day moving average price of $27.24. Ringcentral, Inc. has a 1-year low of $20.58 and a 1-year high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last released 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. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. 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 earnings per share. The company's quarterly revenue was up 4.6% compared to the same quarter last year. 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, analysts expect 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.