SG Americas Securities LLC Sells 80,731 Shares of Ringcentral, Inc. $RNG

SG Americas Securities LLC cut its holdings in Ringcentral, Inc. (NYSE:RNG) by 95.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,669 shares of the software maker’s stock after selling 80,731 shares during the quarter. SG Americas Securities LLC’s holdings in Ringcentral were worth $104,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of RNG. Global Retirement Partners LLC increased its stake in shares of Ringcentral by 98.5% during the third quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock valued at $26,000 after purchasing an additional 447 shares in the last quarter. GAM Holding AG purchased a new stake in shares of Ringcentral in the 3rd quarter worth approximately $2,834,000. Calamos Wealth Management LLC bought a new position in Ringcentral during the 3rd quarter valued at approximately $285,000. VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in Ringcentral by 3.9% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 87,463 shares of the software maker’s stock valued at $2,479,000 after buying an additional 3,300 shares during the last quarter. Finally, Oak Harvest Investment Services bought a new stake in Ringcentral in the third quarter worth $1,873,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Ringcentral

In other news, CAO Tarun Arora sold 3,888 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $28.70, for a total value of $111,585.60. Following the transaction, the chief accounting officer owned 93,412 shares in the company, valued at $2,680,924.40. This represents a 4.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 14,971 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 165,593 shares in the company, valued at approximately $4,298,794.28. The trade was a 8.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 115,838 shares of company stock worth $3,164,064 in the last three months. 7.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RNG shares. Morgan Stanley reduced their price target on Ringcentral from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Thursday, January 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 target price on shares of Ringcentral in a report on Tuesday, November 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $32.00 target price on shares of Ringcentral in a research note on Tuesday, November 4th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 29th. 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 MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $31.46.

Ringcentral Stock Up 1.4%

RNG opened at $25.91 on Friday. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of 185.08, a PEG ratio of 1.06 and a beta of 1.22. The firm has a 50 day moving average price of $28.55 and a 200-day moving average price of $28.64. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $35.92.

Ringcentral (NYSE:RNG) last posted its earnings results on Monday, November 3rd. The software maker reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. The business had revenue of $638.66 million during the quarter, compared to the consensus estimate of $635.39 million. Ringcentral had a net margin of 0.53% and a negative return on equity of 22.38%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 EPS. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. As a group, analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

About Ringcentral

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.