Skandinaviska Enskilda Banken AB publ Buys New Shares in Ringcentral, Inc. $RNG

Skandinaviska Enskilda Banken AB publ bought a new position in shares of Ringcentral, Inc. (NYSE:RNG) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 26,100 shares of the software maker’s stock, valued at approximately $740,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Gagnon Securities LLC grew its position in shares of Ringcentral by 5.9% in the 1st quarter. Gagnon Securities LLC now owns 8,155 shares of the software maker’s stock valued at $202,000 after acquiring an additional 452 shares during the period. Amalgamated Bank lifted its stake in Ringcentral by 8.7% in the 2nd quarter. Amalgamated Bank now owns 6,094 shares of the software maker’s stock valued at $173,000 after purchasing an additional 489 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Ringcentral by 26.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock valued at $72,000 after purchasing an additional 615 shares during the last quarter. KLP Kapitalforvaltning AS increased its position in Ringcentral by 4.6% during the second quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the software maker’s stock worth $448,000 after buying an additional 700 shares during the last quarter. Finally, Empowered Funds LLC raised its stake in Ringcentral by 9.0% in the first quarter. Empowered Funds LLC now owns 11,417 shares of the software maker’s stock valued at $283,000 after buying an additional 940 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RNG shares. Oppenheimer upgraded Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research note on Wednesday, August 6th. Wells Fargo & Company initiated coverage on shares of Ringcentral in a research report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price objective for the company. Morgan Stanley upped their price objective on shares of Ringcentral from $29.00 to $31.00 and gave the company an “equal weight” rating in a report on Tuesday, November 4th. Weiss Ratings reissued a “sell (d+)” rating on shares of Ringcentral in a research report on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $36.00 target price on shares of Ringcentral in a report on Tuesday, November 4th. Four research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $31.54.

Ringcentral Price Performance

Shares of NYSE RNG opened at $29.43 on Wednesday. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of -210.19, a P/E/G ratio of 1.33 and a beta of 1.29. The stock’s fifty day moving average price is $28.13 and its two-hundred day moving average price is $28.25. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $42.19.

Ringcentral (NYSE:RNG) last announced its earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $638.66 million during the quarter, compared to analysts’ expectations of $635.39 million. During the same quarter in the previous year, the business posted $0.95 earnings per share. Ringcentral’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 and its Q4 2025 guidance at 1.120-1.150 EPS. On average, equities analysts anticipate that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Ringcentral

In other news, COO Kira Makagon sold 14,798 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $28.11, for a total transaction of $415,971.78. Following the transaction, the chief operating officer directly owned 349,358 shares of the company’s stock, valued at approximately $9,820,453.38. This trade represents a 4.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,971 shares of Ringcentral stock in a transaction that occurred on Friday, November 21st. The shares were 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 owned 165,593 shares of the company’s stock, valued at approximately $4,298,794.28. The trade was a 8.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 109,343 shares of company stock worth $2,974,280. 6.97% of the stock is currently owned by company insiders.

Ringcentral Company 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.