Algert Global LLC Sells 160,858 Shares of Ringcentral, Inc. $RNG

Algert Global LLC cut its holdings in shares of Ringcentral, Inc. (NYSE:RNG) by 56.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 123,449 shares of the software maker’s stock after selling 160,858 shares during the period. Algert Global LLC’s holdings in Ringcentral were worth $3,057,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in shares of Ringcentral by 13.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,966 shares of the software maker’s stock valued at $321,000 after purchasing an additional 1,586 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in shares of Ringcentral by 116.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 44,524 shares of the software maker’s stock valued at $1,102,000 after purchasing an additional 23,997 shares during the period. Northern Trust Corp raised its stake in shares of Ringcentral by 2.3% in the 4th quarter. Northern Trust Corp now owns 529,746 shares of the software maker’s stock valued at $18,546,000 after purchasing an additional 11,911 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Ringcentral in the 4th quarter valued at about $545,000. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Ringcentral by 57.2% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 9,924 shares of the software maker’s stock valued at $246,000 after purchasing an additional 3,611 shares during the period. 98.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wall Street Zen raised Ringcentral from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 5th. Mizuho lifted their price target on Ringcentral from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Monday, May 12th. 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. Raymond James Financial dropped their price target on Ringcentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. Finally, Piper Sandler lifted their price target on Ringcentral from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Four investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $30.62.

Ringcentral Stock Performance

NYSE:RNG opened at $29.4420 on Thursday. The stock’s 50-day simple moving average is $27.67 and its 200 day simple moving average is $27.38. The company has a market cap 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, Inc. has a 52-week low of $20.58 and a 52-week high of $42.19.

Ringcentral (NYSE:RNG) last released its earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.04. The business had revenue of $620.40 million for the quarter, compared to the consensus estimate of $617.90 million. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.Ringcentral’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 earnings per share. 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.

Insiders Place Their Bets

In other Ringcentral news, CFO Vaibhav Agarwal sold 2,443 shares of the business’s stock in a transaction that occurred 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 transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Tarun Arora sold 7,776 shares of the business’s stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $28.00, for a total value of $217,728.00. Following the transaction, the chief accounting officer directly owned 114,497 shares in the company, valued at approximately $3,205,916. This trade represents a 6.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,404 shares of company stock valued at $879,341 over the last 90 days. 6.97% of the stock is currently owned by insiders.

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.