Bank of Montreal Can Raises Stock Position in Ringcentral, Inc. $RNG

Bank of Montreal Can raised its position in Ringcentral, Inc. (NYSE:RNG) by 4.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,525 shares of the software maker’s stock after purchasing an additional 2,485 shares during the quarter. Bank of Montreal Can’s holdings in Ringcentral were worth $1,744,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. raised its position in shares of Ringcentral by 7.9% during the 1st quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker’s stock valued at $173,987,000 after buying an additional 512,834 shares during the period. Contour Asset Management LLC purchased a new position in Ringcentral in the first quarter worth approximately $45,650,000. Jupiter Asset Management Ltd. increased its stake in Ringcentral by 29.0% during the first quarter. Jupiter Asset Management Ltd. now owns 1,365,724 shares of the software maker’s stock worth $33,815,000 after acquiring an additional 306,971 shares during the last quarter. Fort Washington Investment Advisors Inc. OH raised its position in Ringcentral by 27.1% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 995,888 shares of the software maker’s stock valued at $28,233,000 after purchasing an additional 212,146 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of 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. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Transactions at Ringcentral

In related news, CFO Vaibhav Agarwal sold 2,443 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 226,448 shares of the company’s stock, valued at $6,951,953.60. The trade was a 1.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Tarun Arora sold 1,037 shares of the stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $31.09, for a total value of $32,240.33. Following the completion of the sale, the chief accounting officer directly owned 110,626 shares in the company, valued at $3,439,362.34. This represents a 0.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 77,430 shares of company stock valued at $2,291,052. 6.97% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on RNG shares. Wells Fargo & Company initiated coverage on Ringcentral in a research report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ringcentral in a research report on Wednesday, October 8th. Needham & Company LLC reissued a “buy” rating and issued a $36.00 price target on shares of Ringcentral in a research note on Tuesday, November 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $32.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. Finally, Jefferies Financial Group dropped 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. Four 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. According to data from MarketBeat, Ringcentral has an average rating of “Hold” and an average target price of $31.54.

Ringcentral Stock Performance

NYSE RNG opened at $27.03 on Friday. The firm has a 50 day simple moving average of $29.12 and a 200-day simple moving average of $28.15. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $42.19. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -193.09, a PEG ratio of 1.33 and a beta of 1.33.

Ringcentral (NYSE:RNG) last announced its earnings results 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 for the quarter, compared to the consensus estimate of $635.39 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 EPS. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. Equities analysts predict that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

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.