Vaibhav Agarwal Sells 14,971 Shares of Ringcentral (NYSE:RNG) Stock

Ringcentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 14,971 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $25.96, for a total value of $388,647.16. Following the completion of the sale, the chief financial officer directly owned 165,593 shares of the company’s stock, valued at $4,298,794.28. The trade was a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Ringcentral Trading Up 0.9%

Shares of Ringcentral stock traded up $0.24 during trading on Monday, reaching $27.53. The company’s stock had a trading volume of 1,393,829 shares, compared to its average volume of 1,493,781. Ringcentral, Inc. has a fifty-two week low of $20.58 and a fifty-two week high of $42.19. The firm has a market cap of $2.38 billion, a PE ratio of -196.64, a P/E/G ratio of 1.33 and a beta of 1.33. The company has a 50-day moving average price of $28.49 and a two-hundred day moving average price of $28.24.

Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.05. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The firm had revenue of $638.66 million for the quarter, compared to analysts’ expectations of $635.39 million. During the same quarter in the previous year, the firm posted $0.95 EPS. The firm’s revenue for the quarter 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. On average, analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Institutional Trading of Ringcentral

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Ringcentral by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 11,823,636 shares of the software maker’s stock valued at $335,082,000 after acquiring an additional 129,444 shares during the period. Capital World Investors raised its stake in shares of Ringcentral by 20.9% during the third quarter. Capital World Investors now owns 11,735,991 shares of the software maker’s stock valued at $332,598,000 after purchasing an additional 2,031,861 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Ringcentral by 7.9% in the first quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker’s stock worth $173,987,000 after purchasing an additional 512,834 shares during the period. Alyeska Investment Group L.P. bought a new position in Ringcentral in the 3rd quarter valued at about $53,365,000. Finally, Contour Asset Management LLC acquired a new position in Ringcentral during the 1st quarter valued at about $45,650,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on RNG. Rosenblatt Securities reiterated a “buy” rating and set a $32.00 target price on shares of Ringcentral in a research report on Tuesday, November 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 target price on shares of Ringcentral in a research report on Tuesday, November 4th. Jefferies Financial Group reduced their target price on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating on the stock in a report on Wednesday, August 6th. Wells Fargo & Company began coverage on Ringcentral in a report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 price target for the company. Finally, UBS Group dropped their price objective on shares of Ringcentral from $33.00 to $32.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 6th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $31.54.

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.