US Bancorp DE Has $78,000 Position in Ringcentral, Inc. $RNG

Key Points

• US Bancorp DE has significantly reduced its stake in Ringcentral, Inc. by 94.4%, selling 53,004 shares and retaining only 3,153 shares valued at $78,000.
• A number of institutional investors such as Capital World Investors and First Trust Advisors LP have increased their stakes in RingCentral, with Capital World Investors owning approximately 10.66 million shares worth $373.3 million.
• Analysts have mixed ratings on RingCentral, with a consensus rating of "Hold" and an average target price of $30.62, while some firms have recently revised their price targets significantly.

US Bancorp DE decreased its holdings in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 94.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,153 shares of the software maker's stock after selling 53,004 shares during the quarter. US Bancorp DE's holdings in Ringcentral were worth $78,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of RNG. Capital World Investors grew its position in shares of Ringcentral by 5.9% during the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock worth $373,327,000 after buying an additional 591,398 shares during the period. First Trust Advisors LP raised its holdings in Ringcentral by 35.6% during the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock worth $70,345,000 after buying an additional 527,901 shares during the period. Wellington Management Group LLP acquired a new position in shares of Ringcentral during the fourth quarter worth about $15,630,000. AQR Capital Management LLC boosted its stake in shares of Ringcentral by 24.5% during the 4th quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock worth $56,446,000 after buying an additional 317,689 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH increased its holdings in 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 worth $19,405,000 after buying an additional 233,438 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

Insider Activity at Ringcentral

In other news, CAO Tarun Arora sold 7,776 shares of Ringcentral stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $28.00, for a total transaction of $217,728.00. Following the sale, the chief accounting officer directly owned 114,497 shares of the company's stock, valued at approximately $3,205,916. This trade represents a 6.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 2,443 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $30.70, for a total value of $75,000.10. Following the completion of the transaction, the chief financial officer directly owned 226,448 shares of the company's stock, valued at $6,951,953.60. This represents a 1.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,354 shares of company stock valued at $3,063,152 over the last three months. 6.97% of the stock is currently owned by corporate insiders.

Ringcentral Trading Up 5.8%

Ringcentral stock traded up $1.69 during midday trading on Friday, reaching $30.83. The company's stock had a trading volume of 1,448,403 shares, compared to its average volume of 2,057,179. The stock has a market cap of $2.79 billion, a PE ratio of -220.20, a price-to-earnings-growth ratio of 1.42 and a beta of 1.28. Ringcentral, Inc. has a 52 week low of $20.58 and a 52 week high of $42.19. The business has a 50-day moving average price of $27.83 and a 200-day moving average price of $27.27.

Ringcentral (NYSE:RNG - Get Free Report) last posted its earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.04. The firm had revenue of $620.40 million during the quarter, compared to analysts' expectations of $617.90 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The business's revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $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. As a group, research analysts predict that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $32.00 price objective on shares of Ringcentral in a research report on Monday, May 19th. Wall Street Zen upgraded shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. Piper Sandler increased their price target on Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Raymond James Financial lowered their price objective on Ringcentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Finally, Jefferies Financial Group dropped their price objective on Ringcentral from $30.00 to $29.00 and set a "hold" rating for the company in a report on Wednesday, August 6th. Four investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $30.62.

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.