Vanguard Group Inc. Sells 27,727 Shares of Ringcentral, Inc. $RNG

Key Points

• Vanguard Group Inc. reduced its holdings in RingCentral, Inc. by 0.2%, owning 11,639,748 shares valued at approximately $288 million at the end of the 1st quarter.
• Insider sales included COO Kira Makagon selling 21,185 shares and CAO Tarun Arora selling 7,776 shares, both reporting significant decreases in their stock positions.
• Despite mixed analyst ratings, the stock has a consensus rating of "Hold" with an average target price of $30.62, reflecting uncertainty in future performance.

Vanguard Group Inc. reduced its stake in Ringcentral, Inc. (NYSE:RNG - Free Report) by 0.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,639,748 shares of the software maker's stock after selling 27,727 shares during the period. Vanguard Group Inc. owned about 12.83% of Ringcentral worth $288,200,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Capital World Investors boosted its stake in shares of Ringcentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock valued at $373,327,000 after purchasing an additional 591,398 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Ringcentral by 2.2% in the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker's stock valued at $228,050,000 after purchasing an additional 142,538 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Ringcentral by 35.6% in the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock valued at $70,345,000 after purchasing an additional 527,901 shares in the last quarter. AQR Capital Management LLC raised its holdings in Ringcentral by 24.5% in the 4th quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock valued at $56,446,000 after buying an additional 317,689 shares during the last quarter. Finally, Jupiter Asset Management Ltd. raised its holdings in Ringcentral by 29.0% in the 1st 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 during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. KeyCorp assumed coverage on shares of Ringcentral in a report on Friday, June 6th. They issued a "sector weight" rating for the company. Wedbush dropped their price objective 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. Jefferies Financial Group dropped their price objective on shares of Ringcentral from $30.00 to $29.00 and set a "hold" rating for the company in a report on Wednesday, August 6th. Raymond James Financial dropped their price objective on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Finally, Needham & Company LLC assumed coverage on shares of Ringcentral in a report on Friday, May 9th. They issued a "buy" rating and a $36.00 price objective for the company. Four research 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's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $30.62.

Ringcentral Stock Up 5.8%

Ringcentral stock traded up $1.69 during mid-day trading on Friday, hitting $30.83. 1,448,403 shares of the stock were exchanged, compared to its average volume of 2,057,179. Ringcentral, Inc. has a 12 month low of $20.58 and a 12 month high of $42.19. The firm's fifty day simple moving average is $27.83 and its two-hundred day simple moving average is $27.32. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of -220.20, a PEG ratio of 1.34 and a beta of 1.28.

Ringcentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $620.40 million during the quarter, compared to analyst estimates of $617.90 million. During the same quarter last year, the business earned $0.91 EPS. The company's 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 forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Kira Makagon sold 21,185 shares of Ringcentral stock in a transaction on 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 owned 413,131 shares in the company, valued at $11,439,597.39. The trade was a 4.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Vladimir Shmunis sold 46,932 shares of Ringcentral stock in a transaction on 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 represents a 9.21% 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 worth $3,063,152 in the last 90 days. 6.97% of the stock is 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.