Ringcentral, Inc. $RNG Shares Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS raised its stake in Ringcentral, Inc. (NYSE:RNG) by 4.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,800 shares of the software maker’s stock after purchasing an additional 700 shares during the period. KLP Kapitalforvaltning AS’s holdings in Ringcentral were worth $448,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Contour Asset Management LLC acquired a new position in Ringcentral in the first quarter valued at approximately $45,650,000. Jacobs Levy Equity Management Inc. boosted its holdings in Ringcentral by 354.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker’s stock valued at $21,558,000 after purchasing an additional 679,211 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Ringcentral by 7.9% in the first quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker’s stock valued at $173,987,000 after purchasing an additional 512,834 shares in the last quarter. Nuveen LLC acquired a new position in Ringcentral in the first quarter valued at approximately $12,101,000. Finally, Jupiter Asset Management Ltd. boosted its holdings in Ringcentral by 29.0% in the first quarter. Jupiter Asset Management Ltd. now owns 1,365,724 shares of the software maker’s stock valued at $33,815,000 after purchasing an additional 306,971 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Buying and Selling

In related 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 transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 46,932 shares of the company’s stock in a transaction on 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 $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 77,430 shares of company stock valued at $2,291,052 over the last quarter. Company insiders own 6.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ringcentral in a report on Wednesday, October 8th. UBS Group dropped their price target on Ringcentral from $33.00 to $32.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 6th. Jefferies Financial Group dropped their price target on Ringcentral from $30.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, August 6th. Wall Street Zen upgraded Ringcentral from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 5th. Finally, Oppenheimer upgraded 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. Four research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $31.38.

Ringcentral Trading Down 0.3%

Shares of RNG stock opened at $26.72 on Friday. The business’s 50 day moving average is $29.69 and its two-hundred day moving average is $27.43. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $42.19. The company has a market capitalization of $2.42 billion, a P/E ratio of -190.86, a price-to-earnings-growth ratio of 1.19 and a beta of 1.32.

Ringcentral (NYSE:RNG) last announced its earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share 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 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 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, equities analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Ringcentral 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.