Ringcentral, Inc. $RNG Shares Sold by Vinva Investment Management Ltd

Vinva Investment Management Ltd lowered its position in Ringcentral, Inc. (NYSE:RNG) by 15.1% in the second quarter, Holdings Channel.com reports. The firm owned 23,110 shares of the software maker’s stock after selling 4,096 shares during the quarter. Vinva Investment Management Ltd’s holdings in Ringcentral were worth $655,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Russell Investments Group Ltd. grew its holdings in Ringcentral by 79.4% during the second 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 period. Boston Partners grew its stake in shares of Ringcentral by 31.7% during the 2nd quarter. Boston Partners now owns 91,785 shares of the software maker’s stock worth $2,602,000 after purchasing an additional 22,113 shares during the period. Elo Mutual Pension Insurance Co grew its stake in shares of Ringcentral by 83.8% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 33,482 shares of the software maker’s stock worth $949,000 after purchasing an additional 15,267 shares during the period. Legal & General Group Plc increased its holdings in shares of Ringcentral by 1.5% in the 2nd quarter. Legal & General Group Plc now owns 84,664 shares of the software maker’s stock valued at $2,400,000 after purchasing an additional 1,272 shares in the last quarter. Finally, Hillsdale Investment Management Inc. increased its holdings in shares of Ringcentral by 40.4% in the 2nd quarter. Hillsdale Investment Management Inc. now owns 211,450 shares of the software maker’s stock valued at $5,995,000 after purchasing an additional 60,800 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Ringcentral Price Performance

RNG opened at $28.24 on Friday. Ringcentral, Inc. has a 12 month low of $20.58 and a 12 month high of $42.19. The business has a 50-day moving average of $28.22 and a two-hundred day moving average of $28.24. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -201.70, a price-to-earnings-growth ratio of 1.33 and a beta of 1.33.

Ringcentral (NYSE:RNG) last released its earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $635.39 million. During the same period last year, the company earned $0.95 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. Equities research analysts anticipate that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In other Ringcentral news, CFO Vaibhav Agarwal sold 14,971 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $25.96, for a total transaction of $388,647.16. Following the completion of 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 legal filing with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 46,844 shares of Ringcentral stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $26.89, for a total value of $1,259,635.16. Following the completion of the transaction, the chief executive officer directly owned 317,139 shares in the company, valued at $8,527,867.71. This represents a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 89,715 shares of company stock worth $2,420,290. 6.97% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RNG shares. Oppenheimer upgraded shares of Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a research report on Wednesday, August 6th. Wells Fargo & Company began coverage on Ringcentral in a research note on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price target on the stock. Morgan Stanley raised their price objective on Ringcentral from $29.00 to $31.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. Weiss Ratings reissued a “sell (d+)” rating on shares of Ringcentral in a report on Tuesday. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $32.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $31.54.

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.