First Trust Advisors LP Has $40.67 Million Stock Position in Ringcentral, Inc. $RNG

First Trust Advisors LP reduced its holdings in shares of Ringcentral, Inc. (NYSE:RNG) by 26.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,434,572 shares of the software maker’s stock after selling 525,315 shares during the quarter. First Trust Advisors LP’s holdings in Ringcentral were worth $40,670,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RNG. Fort Washington Investment Advisors Inc. OH grew its stake in shares of Ringcentral by 27.1% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 995,888 shares of the software maker’s stock worth $28,233,000 after buying an additional 212,146 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Ringcentral during the 2nd quarter valued at $404,000. Russell Investments Group Ltd. grew its position in Ringcentral by 79.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 340,188 shares of the software maker’s stock worth $9,610,000 after acquiring an additional 150,537 shares during the last quarter. Vise Technologies Inc. acquired a new position in Ringcentral in the 2nd quarter worth about $430,000. Finally, Acadian Asset Management LLC raised its position in Ringcentral by 3.6% in the second quarter. Acadian Asset Management LLC now owns 1,081,588 shares of the software maker’s stock valued at $30,646,000 after purchasing an additional 37,611 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 27,018 shares of Ringcentral 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 completion of the sale, the chief executive officer owned 262,240 shares in the company, valued at $7,258,803.20. The trade was a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 14,971 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $25.96, for a total transaction of $388,647.16. Following the transaction, the chief financial officer directly owned 165,593 shares in the company, valued at approximately $4,298,794.28. This represents a 8.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 109,343 shares of company stock valued at $2,974,280. Company insiders own 6.97% of the company’s stock.

Wall Street Analysts Forecast Growth

RNG has been the topic of several research reports. Morgan Stanley boosted their price target on Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 4th. Weiss Ratings reissued a “sell (d+)” rating on shares of Ringcentral in a report on Monday, December 1st. Needham & Company LLC restated a “buy” rating and issued a $36.00 price target on shares of Ringcentral in a research report on Tuesday, November 4th. Wells Fargo & Company initiated coverage on shares of Ringcentral in a report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price target on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $32.00 price objective on shares of Ringcentral in a research note on Tuesday, November 4th. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $31.54.

Ringcentral Stock Up 2.6%

RNG stock opened at $30.36 on Wednesday. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of 216.84, a PEG ratio of 1.52 and a beta of 1.29. The company’s fifty day simple moving average is $28.08 and its 200 day simple moving average is $28.36. Ringcentral, Inc. has a 12-month low of $20.58 and a 12-month high of $42.19.

Ringcentral (NYSE:RNG) last posted its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05. The firm had revenue of $638.66 million during the quarter, compared to analyst estimates of $635.39 million. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the company posted $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. Research analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Ringcentral 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.