Boston Partners Boosts Stake in Ringcentral, Inc. $RNG

Boston Partners boosted its stake in Ringcentral, Inc. (NYSE:RNG) by 31.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 91,785 shares of the software maker’s stock after purchasing an additional 22,113 shares during the period. Boston Partners owned about 0.10% of Ringcentral worth $2,602,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its stake in shares of Ringcentral by 256.9% in the second 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 acquired a new position in Ringcentral during the 1st quarter worth about $49,000. Ameritas Advisory Services LLC purchased a new position in Ringcentral during the 2nd quarter valued at about $49,000. PNC Financial Services Group Inc. boosted its holdings in Ringcentral by 26.6% during the 1st 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 during the period. Finally, Bayforest Capital Ltd acquired a new position in Ringcentral in the 1st quarter valued at about $145,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on RNG shares. Needham & Company LLC reissued a “buy” rating and set a $36.00 price target on shares of Ringcentral in a research report on Tuesday, November 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $32.00 target price on shares of Ringcentral in a research note on Tuesday, November 4th. Wells Fargo & Company started coverage on shares of Ringcentral in a research report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 price target for the company. Jefferies Financial Group dropped their price target on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a research note on Wednesday, August 6th. Finally, UBS Group cut their price objective on Ringcentral from $33.00 to $32.00 and set a “neutral” rating on the stock in a research 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 given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $31.54.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 27,018 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $27.68, for a total value of $747,858.24. Following the transaction, the chief executive officer directly owned 262,240 shares of the company’s stock, valued at $7,258,803.20. This trade represents a 9.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 14,971 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $25.96, for a total transaction of $388,647.16. Following the completion of the sale, the chief financial officer directly owned 165,593 shares of the company’s stock, valued at approximately $4,298,794.28. This trade represents a 8.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 89,715 shares of company stock worth $2,420,290. 6.97% of the stock is owned by corporate insiders.

Ringcentral Price Performance

Shares of NYSE RNG opened at $28.24 on Friday. The business has a 50-day moving average of $28.22 and a two-hundred day moving average of $28.24. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -201.70, a price-to-earnings-growth ratio of 1.33 and a beta of 1.33. Ringcentral, Inc. has a 1 year low of $20.58 and a 1 year high of $42.19.

Ringcentral (NYSE:RNG) last released its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. The business had revenue of $638.66 million for the quarter, compared to the consensus estimate of $635.39 million. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.95 EPS. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. As a group, equities research analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

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.