Ringcentral, Inc. $RNG Shares Sold by Vanguard Group Inc.

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. decreased its holdings in Ringcentral, Inc. (NYSE:RNG - Free Report) by 0.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,639,748 shares of the software maker's stock after selling 27,727 shares during the period. Vanguard Group Inc. owned 12.83% of Ringcentral worth $288,200,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. New Age Alpha Advisors LLC bought a new position in shares of Ringcentral in the first quarter worth about $49,000. PNC Financial Services Group Inc. boosted its stake in shares of Ringcentral by 26.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock worth $72,000 after acquiring an additional 615 shares during the period. Jupiter Asset Management Ltd. boosted its stake in shares of Ringcentral by 29.0% in the first quarter. Jupiter Asset Management Ltd. now owns 1,365,724 shares of the software maker's stock worth $33,815,000 after acquiring an additional 306,971 shares during the period. Bayforest Capital Ltd bought a new position in shares of Ringcentral in the first quarter worth about $145,000. Finally, XTX Topco Ltd boosted its stake in shares of Ringcentral by 267.6% in the first quarter. XTX Topco Ltd now owns 43,795 shares of the software maker's stock worth $1,084,000 after acquiring an additional 31,881 shares during the period. Institutional investors own 98.61% of the company's stock.

Analyst Ratings Changes

RNG has been the subject of a number of research reports. Rosenblatt Securities reissued a "buy" rating and set a $32.00 price target on shares of Ringcentral in a research note on Monday, May 19th. Wedbush cut their price target on Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Wells Fargo & Company cut their price target on Ringcentral from $30.00 to $22.00 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Raymond James Financial cut their price target on Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Finally, Jefferies Financial Group cut their price target on Ringcentral from $30.00 to $29.00 and set a "hold" rating for the company in a report on Wednesday, August 6th. Four analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $30.62.

Ringcentral Trading Down 2.1%

Shares of NYSE:RNG traded down $0.6280 on Wednesday, reaching $29.4420. The company had a trading volume of 1,277,607 shares, compared to its average volume of 1,459,041. Ringcentral, Inc. has a 52-week low of $20.58 and a 52-week high of $42.19. The firm's 50 day simple moving average is $27.62 and its 200-day simple moving average is $27.37. The firm has a market capitalization of $2.67 billion, a PE ratio of -210.28, a PEG ratio of 1.39 and a beta of 1.28.

Ringcentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.04. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The business had revenue of $620.40 million for the quarter, compared to the consensus estimate of $617.90 million. During the same period last year, the business posted $0.91 EPS. The business'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, equities research analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insider Activity

In related news, CAO Tarun Arora sold 7,776 shares of the business's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $28.00, for a total transaction of $217,728.00. Following the transaction, the chief accounting officer directly owned 114,497 shares in the company, valued at $3,205,916. The trade was a 6.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 directly owned 226,448 shares of the company's stock, 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. Insiders sold 105,745 shares of company stock worth $2,844,722 over the last quarter. Company insiders own 6.97% of the company's stock.

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.