Contour Asset Management LLC Invests $45.65 Million in Ringcentral, Inc. $RNG

Contour Asset Management LLC bought a new position in shares of Ringcentral, Inc. (NYSE:RNG) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,843,714 shares of the software maker’s stock, valued at approximately $45,650,000. Ringcentral accounts for about 1.8% of Contour Asset Management LLC’s investment portfolio, making the stock its 19th largest holding.

A number of other institutional investors also recently bought and sold shares of the company. Rafferty Asset Management LLC raised its stake in Ringcentral by 1.7% during the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock worth $689,000 after purchasing an additional 325 shares during the period. Gagnon Securities LLC raised its stake in Ringcentral by 5.9% during the first quarter. Gagnon Securities LLC now owns 8,155 shares of the software maker’s stock worth $202,000 after purchasing an additional 452 shares during the period. Private Advisor Group LLC raised its stake in Ringcentral by 6.2% during the first quarter. Private Advisor Group LLC now owns 9,448 shares of the software maker’s stock worth $234,000 after purchasing an additional 552 shares during the period. PNC Financial Services Group Inc. raised its stake in 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 period. Finally, Allianz Asset Management GmbH raised its stake in Ringcentral by 4.0% during the first quarter. Allianz Asset Management GmbH now owns 34,200 shares of the software maker’s stock worth $847,000 after purchasing an additional 1,300 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

Ringcentral Stock Performance

Ringcentral stock opened at $30.49 on Tuesday. The company’s 50 day simple moving average is $28.27 and its 200-day simple moving average is $27.06. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of -217.77, a price-to-earnings-growth ratio of 1.40 and a beta of 1.32. Ringcentral, Inc. has a 1 year low of $20.58 and a 1 year high of $42.19.

Ringcentral (NYSE:RNG) last released its quarterly 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 net margin of 0.50% and a negative return on equity of 19.63%. The business’s revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 EPS. Ringcentral has set its Q3 2025 guidance at 1.060-1.080 EPS. FY 2025 guidance at 4.200-4.320 EPS. Equities analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

RNG has been the topic of a number of analyst reports. Needham & Company LLC initiated coverage on shares of Ringcentral in a research note on Friday, May 9th. They set a “buy” rating and a $36.00 target price on the stock. Oppenheimer raised 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 note on Wednesday, August 6th. Jefferies Financial Group dropped their price target on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, August 6th. Wall Street Zen raised shares of Ringcentral from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 5th. Finally, Mizuho boosted their price target on shares of Ringcentral from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Monday, May 12th. Four equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $30.62.

Insider Buying and Selling at Ringcentral

In related news, CFO Vaibhav Agarwal sold 2,443 shares of Ringcentral 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 transaction, the chief financial officer owned 226,448 shares in the company, valued at approximately $6,951,953.60. The trade was a 1.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Kira Makagon sold 21,185 shares of Ringcentral stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $27.69, for a total transaction of $586,612.65. Following the completion of the transaction, the chief operating officer owned 413,131 shares of the company’s stock, valued at $11,439,597.39. This trade represents a 4.88% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 106,391 shares of company stock worth $3,095,392. 6.97% of the stock is currently owned by company insiders.

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.