VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Ringcentral, Inc. $RNG

Key Points

• Virginia Retirement Systems ET Al has acquired a new stake in Ringcentral, Inc., purchasing 84,163 shares valued at approximately $2,386,000, representing about 0.09% ownership of the company.
• Insiders, including CEO Vladimir Shmunis, have recently sold a significant number of shares, indicating a 9.21% decrease in their holdings following the sale.
• Ringcentral reported quarterly earnings of $1.06 EPS, beating expectations, with revenue of $620.40 million, showing a 4.6% increase year-over-year.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Ringcentral, Inc. (NYSE:RNG - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 84,163 shares of the software maker's stock, valued at approximately $2,386,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.09% of Ringcentral at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Gagnon Securities LLC increased its position in shares of Ringcentral by 5.9% in the first quarter. Gagnon Securities LLC now owns 8,155 shares of the software maker's stock valued at $202,000 after buying an additional 452 shares in the last quarter. Private Advisor Group LLC boosted its stake in shares of Ringcentral by 6.2% in the first quarter. Private Advisor Group LLC now owns 9,448 shares of the software maker's stock worth $234,000 after acquiring an additional 552 shares during the last quarter. 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 last quarter. KLP Kapitalforvaltning AS boosted its stake in shares of Ringcentral by 4.6% in the second quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the software maker's stock worth $448,000 after acquiring an additional 700 shares during the last quarter. Finally, Empowered Funds LLC boosted its stake in shares of Ringcentral by 9.0% in the first quarter. Empowered Funds LLC now owns 11,417 shares of the software maker's stock worth $283,000 after acquiring an additional 940 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Tarun Arora sold 1,037 shares of the company's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $31.09, for a total value of $32,240.33. Following the transaction, the chief accounting officer owned 110,626 shares of the company's stock, valued at $3,439,362.34. This represents a 0.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 46,932 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $28.95, for a total value of $1,358,681.40. Following the transaction, the chief executive officer directly owned 462,429 shares in the company, valued at approximately $13,387,319.55. The trade was a 9.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 77,430 shares of company stock valued at $2,291,052 in the last quarter. Insiders own 6.97% of the company's stock.

Ringcentral Stock Performance

NYSE RNG opened at $29.23 on Wednesday. The stock's fifty day moving average is $29.73 and its two-hundred day moving average is $27.50. The firm has a market capitalization of $2.65 billion, a P/E ratio of -208.74, a price-to-earnings-growth ratio of 1.24 and a beta of 1.32. 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 announced its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $617.90 million. During the same quarter in the prior year, the company posted $0.91 EPS. The company's quarterly revenue was up 4.6% on a year-over-year basis. 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, sell-side analysts forecast that Ringcentral, Inc. will post 1.29 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RNG. Oppenheimer raised Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price target on the stock in a research note on Wednesday, August 6th. Morgan Stanley set a $29.00 price target on Ringcentral in a research note on Tuesday. Wall Street Zen raised Ringcentral from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 5th. Jefferies Financial Group lowered their price objective on Ringcentral from $30.00 to $29.00 and set a "hold" rating on the stock in a research note on Wednesday, August 6th. Finally, UBS Group lowered their price objective on Ringcentral from $33.00 to $32.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $31.38.

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.

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