Ringcentral, Inc. $RNG Shares Sold by Harel Insurance Investments & Financial Services Ltd.

Harel Insurance Investments & Financial Services Ltd. lowered its position in Ringcentral, Inc. (NYSE:RNG) by 16.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 175,178 shares of the software maker’s stock after selling 35,057 shares during the period. Harel Insurance Investments & Financial Services Ltd. owned 0.19% of Ringcentral worth $4,956,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. AQR Capital Management LLC lifted its stake in shares of Ringcentral by 27.6% in the second quarter. AQR Capital Management LLC now owns 1,626,454 shares of the software maker’s stock worth $45,728,000 after buying an additional 351,347 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Ringcentral by 50.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 812,518 shares of the software maker’s stock valued at $23,035,000 after acquiring an additional 274,037 shares during the last quarter. Marshall Wace LLP lifted its stake in Ringcentral by 17.0% in the 2nd quarter. Marshall Wace LLP now owns 1,719,269 shares of the software maker’s stock worth $48,741,000 after purchasing an additional 249,329 shares in the last quarter. Fort Washington Investment Advisors Inc. OH boosted its holdings in shares of Ringcentral by 22.9% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 1,224,090 shares of the software maker’s stock worth $34,691,000 after purchasing an additional 228,202 shares during the last quarter. Finally, CSM Advisors LLC purchased a new stake in shares of Ringcentral in the second quarter valued at approximately $5,854,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RNG. Rosenblatt Securities reiterated a “buy” rating and set a $32.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a research note on Monday, December 29th. 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. Wells Fargo & Company started coverage on shares of Ringcentral in a report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 price objective for the company. Finally, Morgan Stanley reduced their target price on shares of Ringcentral from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Thursday. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Ringcentral currently has an average rating of “Hold” and an average price target of $31.46.

Ringcentral Trading Down 2.5%

Shares of NYSE:RNG opened at $26.27 on Friday. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of 187.62, a PEG ratio of 1.09 and a beta of 1.22. Ringcentral, Inc. has a 12-month low of $20.58 and a 12-month high of $36.43. The business has a 50-day moving average price of $28.63 and a 200 day moving average price of $28.78.

Ringcentral (NYSE:RNG) last released its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share (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 net margin of 0.53% and a negative return on equity of 22.38%. The business’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 EPS. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. As a group, equities research analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Transactions at Ringcentral

In other Ringcentral news, CFO Vaibhav Agarwal sold 14,971 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $25.96, for a total transaction of $388,647.16. Following the sale, the chief financial officer directly owned 165,593 shares in the company, valued at $4,298,794.28. This represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Tarun Arora sold 3,888 shares of the firm’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 directly owned 93,412 shares of the company’s stock, valued at approximately $2,680,924.40. The trade was a 4.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 115,838 shares of company stock valued at $3,164,064. 7.30% of the stock is owned by insiders.

About Ringcentral

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.