Y Intercept Hong Kong Ltd Makes New Investment in Ringcentral, Inc. $RNG

Y Intercept Hong Kong Ltd acquired a new stake in Ringcentral, Inc. (NYSE:RNG) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,255 shares of the software maker’s stock, valued at approximately $404,000.

Several other institutional investors and hedge funds have also modified their holdings of RNG. Parallel Advisors LLC boosted its position in Ringcentral by 256.9% during the second quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock worth $42,000 after acquiring an additional 1,066 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Ringcentral during the 1st quarter worth $49,000. Ameritas Advisory Services LLC purchased a new position in shares of Ringcentral during the 2nd quarter worth $49,000. PNC Financial Services Group Inc. boosted its holdings in shares of Ringcentral by 26.6% during the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock worth $72,000 after purchasing an additional 615 shares during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in Ringcentral in the first quarter valued at $145,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RNG. Rosenblatt Securities reissued a “buy” rating and issued a $32.00 price target on shares of Ringcentral in a research note on Tuesday. Wells Fargo & Company began coverage on shares of Ringcentral in a report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price objective on the stock. Morgan Stanley raised their target price on shares of Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Jefferies Financial Group lowered their target price on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a report on Wednesday, August 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ringcentral in a research note on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Ringcentral has an average rating of “Hold” and an average price target of $31.54.

Ringcentral Stock Down 0.1%

Shares of RNG stock opened at $26.97 on Friday. Ringcentral, Inc. has a fifty-two week low of $20.58 and a fifty-two week high of $42.19. The firm’s 50 day moving average price is $29.37 and its two-hundred day moving average price is $28.06. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of -192.59, a price-to-earnings-growth ratio of 1.33 and a beta of 1.33.

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

Insider Buying and Selling at Ringcentral

In other Ringcentral news, CFO Vaibhav Agarwal sold 2,443 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $30.70, for a total value of $75,000.10. Following the completion of the sale, the chief financial officer owned 226,448 shares of the company’s stock, valued at $6,951,953.60. This trade represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Tarun Arora sold 1,037 shares of Ringcentral stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $31.09, for a total value of $32,240.33. Following the sale, the chief accounting officer directly owned 110,626 shares in the company, valued at approximately $3,439,362.34. The trade was a 0.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 77,430 shares of company stock valued at $2,291,052 over the last three months. 6.97% of the stock is owned by company insiders.

About Ringcentral

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.