First Trust Advisors LP Sells 525,315 Shares of Ringcentral, Inc. $RNG

First Trust Advisors LP cut its position in Ringcentral, Inc. (NYSE:RNG) by 26.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,434,572 shares of the software maker’s stock after selling 525,315 shares during the quarter. First Trust Advisors LP owned about 1.60% of Ringcentral worth $40,670,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Contour Asset Management LLC bought a new position in shares of Ringcentral in the 1st quarter valued at about $45,650,000. Jacobs Levy Equity Management Inc. lifted its stake in Ringcentral by 354.8% in the 1st 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 during the last quarter. Ameriprise Financial Inc. lifted its stake in Ringcentral by 7.9% in the 1st 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 during the last quarter. Nuveen LLC bought a new position in Ringcentral during the first quarter worth about $12,101,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Ringcentral by 50.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 812,518 shares of the software maker’s stock worth $23,035,000 after buying an additional 274,037 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 1st. Rosenblatt Securities reaffirmed a “buy” rating and set a $32.00 price target on shares of Ringcentral in a report on Tuesday, November 4th. Morgan Stanley lifted their price objective on shares of Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 4th. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 price objective on shares of Ringcentral in a report on Tuesday, November 4th. Finally, Wells Fargo & Company began coverage on shares of Ringcentral in a research note on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 target price for the company. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Ringcentral currently has a consensus rating of “Hold” and a consensus target price of $31.54.

Ringcentral Stock Up 2.6%

Shares of NYSE:RNG opened at $30.36 on Wednesday. Ringcentral, Inc. has a 12-month low of $20.58 and a 12-month high of $42.19. The company’s 50 day moving average price is $28.08 and its two-hundred day moving average price is $28.36. The firm has a market cap of $2.63 billion, a PE ratio of 216.84, a PEG ratio of 1.52 and a beta of 1.29.

Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.05. The business had revenue of $638.66 million during the quarter, compared to analysts’ expectations of $635.39 million. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 earnings per share. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. On average, research analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

Insider Buying and Selling

In other Ringcentral news, COO Kira Makagon sold 14,798 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $28.11, for a total value of $415,971.78. Following the transaction, the chief operating officer directly owned 349,358 shares of the company’s stock, valued at $9,820,453.38. This trade represents a 4.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Tarun Arora sold 3,888 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $28.70, for a total transaction of $111,585.60. Following the completion of the transaction, the chief accounting officer owned 93,412 shares of the company’s stock, valued at $2,680,924.40. The trade was a 4.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 109,343 shares of company stock valued at $2,974,280. Company insiders own 6.97% of the company’s stock.

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.