Ringcentral, Inc. $RNG Stock Position Raised by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its position in shares of Ringcentral, Inc. (NYSE:RNG) by 26.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,925 shares of the software maker’s stock after purchasing an additional 615 shares during the period. PNC Financial Services Group Inc.’s holdings in Ringcentral were worth $72,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in shares of Ringcentral by 18.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 686,714 shares of the software maker’s stock worth $24,045,000 after buying an additional 107,609 shares during the period. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Ringcentral in the 4th quarter worth about $49,000. State of Tennessee Department of Treasury boosted its position in Ringcentral by 15.3% during the 4th quarter. State of Tennessee Department of Treasury now owns 12,801 shares of the software maker’s stock worth $448,000 after acquiring an additional 1,699 shares during the period. Dark Forest Capital Management LP acquired a new stake in Ringcentral during the 4th quarter worth about $643,000. Finally, Pinebridge Investments L.P. purchased a new position in Ringcentral during the 4th quarter valued at about $725,000. 98.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RNG shares. Jefferies Financial Group reduced their price target on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, August 6th. Piper Sandler increased their target price on shares of Ringcentral from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Rosenblatt Securities restated a “buy” rating and set a $32.00 price target on shares of Ringcentral in a report on Monday, May 19th. KeyCorp initiated coverage on Ringcentral in a report on Friday, June 6th. They set a “sector weight” rating for the company. Finally, Raymond James Financial reduced their price objective on Ringcentral from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Four research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $30.62.

Ringcentral Trading Down 2.1%

Ringcentral stock opened at $29.4420 on Thursday. Ringcentral, Inc. has a 1-year low of $20.58 and a 1-year high of $42.19. The firm’s fifty day simple moving average is $27.67 and its 200-day simple moving average is $27.38. The company has a market capitalization of $2.67 billion, a P/E ratio of -210.28, a P/E/G ratio of 1.38 and a beta of 1.28.

Ringcentral (NYSE:RNG) last posted its earnings results on Tuesday, August 5th. The software maker reported $1.06 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 for the quarter, compared to the consensus estimate of $617.90 million. During the same period in the prior year, the business posted $0.91 earnings per share. The business’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. On average, equities research analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insider Activity at Ringcentral

In other news, CAO Tarun Arora sold 7,776 shares of Ringcentral stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $28.00, for a total value of $217,728.00. Following the transaction, the chief accounting officer owned 114,497 shares of the company’s stock, valued at $3,205,916. This trade represents a 6.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 2,443 shares of the business’s stock in a transaction on Monday, August 18th. The stock was 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 owned 226,448 shares of the company’s stock, valued at $6,951,953.60. The trade was a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,404 shares of company stock valued at $879,341. Corporate insiders own 6.97% of the company’s stock.

About Ringcentral

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.