Wealth Enhancement Advisory Services LLC Acquires New Shares in Ringcentral, Inc. $RNG

Key Points

• Wealth Enhancement Advisory Services LLC has acquired 9,271 new shares of RingCentral, Inc. ($RNG), valued at approximately $277,000, signaling growing interest among large investors.
• As of the latest update, institutional investors own 98.61% of RingCentral's stock, reflecting significant institutional confidence in the company.
• RingCentral has reported a quarterly revenue of $620.40 million, which is a 4.6% increase compared to the same quarter last year, and its earnings per share exceeded analyst expectations.

Wealth Enhancement Advisory Services LLC acquired a new position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 9,271 shares of the software maker's stock, valued at approximately $277,000.

Other large investors also recently bought and sold shares of the company. Parallel Advisors LLC lifted its stake in Ringcentral by 256.9% in the 2nd quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker's stock valued at $42,000 after buying an additional 1,066 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Ringcentral in the first quarter valued at $49,000. PNC Financial Services Group Inc. lifted its position 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 valued at $72,000 after acquiring an additional 615 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Ringcentral by 1,803.3% during the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock valued at $145,000 after acquiring an additional 5,536 shares during the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in Ringcentral during the 1st quarter worth about $145,000. Institutional investors and hedge funds own 98.61% of the company's stock.

Ringcentral Trading Up 2.9%

RNG stock opened at $27.88 on Friday. The company has a market cap of $2.52 billion, a PE ratio of -199.16, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The stock has a 50-day moving average price of $29.65 and a two-hundred day moving average price of $27.40. Ringcentral, Inc. has a 12-month low of $20.58 and a 12-month high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, topping 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 company 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 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. Equities analysts forecast that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Transactions at Ringcentral

In related news, CFO Vaibhav Agarwal sold 2,443 shares of the company's stock in a transaction 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Tarun Arora sold 1,037 shares of the stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $31.09, for a total value of $32,240.33. Following the completion of the sale, the chief accounting officer owned 110,626 shares of the company's stock, valued at approximately $3,439,362.34. This represents a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,430 shares of company stock valued at $2,291,052 over the last 90 days. Corporate insiders own 6.97% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on RNG shares. UBS Group reduced their target price on shares of Ringcentral from $33.00 to $32.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Wells Fargo & Company initiated coverage on shares of Ringcentral in a research note on Tuesday, September 30th. They set an "equal weight" rating and a $32.00 price objective on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Ringcentral in a research report on Wednesday. Oppenheimer upgraded 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. Finally, Jefferies Financial Group decreased their price objective on Ringcentral from $30.00 to $29.00 and set a "hold" rating on the stock in a report on Wednesday, August 6th. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Ringcentral has a consensus rating of "Hold" and an average price target 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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