Jupiter Asset Management Ltd. Raises Stake in Ringcentral, Inc. $RNG

Jupiter Asset Management Ltd. increased its stake in Ringcentral, Inc. (NYSE:RNG) by 1.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,382,049 shares of the software maker’s stock after buying an additional 16,325 shares during the period. Jupiter Asset Management Ltd. owned 1.54% of Ringcentral worth $39,181,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its stake in Ringcentral by 256.9% in the 2nd quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock worth $42,000 after acquiring an additional 1,066 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in Ringcentral during the 2nd quarter worth $49,000. New Age Alpha Advisors LLC bought a new stake in Ringcentral during the 1st quarter valued at $49,000. PNC Financial Services Group Inc. lifted its holdings in shares of Ringcentral by 26.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock worth $72,000 after buying an additional 615 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Ringcentral by 29.0% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,705 shares of the software maker’s stock worth $162,000 after buying an additional 1,284 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RNG shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ringcentral in a research report on Wednesday, October 8th. UBS Group cut their price target on Ringcentral from $33.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $36.00 price target on shares of Ringcentral in a research report on Tuesday, November 4th. 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 report on Tuesday, November 4th. Finally, Wells Fargo & Company started coverage on shares of Ringcentral in a report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 target price for the company. Four research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $31.54.

Ringcentral Price Performance

NYSE RNG opened at $27.39 on Wednesday. The company has a market cap of $2.48 billion, a price-to-earnings ratio of -195.63, a PEG ratio of 1.33 and a beta of 1.33. The stock’s fifty day moving average price is $29.25 and its 200 day moving average price is $28.16. Ringcentral, Inc. has a 1 year low of $20.58 and a 1 year high of $42.19.

Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.05. The business had revenue of $638.66 million for the quarter, compared to the consensus estimate of $635.39 million. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 EPS. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. Research analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insider Activity at Ringcentral

In other Ringcentral news, CFO Vaibhav Agarwal sold 2,443 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $30.70, for a total transaction of $75,000.10. Following the completion of the transaction, the chief financial officer directly owned 226,448 shares of the company’s stock, valued at approximately $6,951,953.60. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Tarun Arora sold 1,037 shares of Ringcentral stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $31.09, for a total transaction of $32,240.33. Following the sale, the chief accounting officer owned 110,626 shares of the company’s stock, valued at approximately $3,439,362.34. The trade was a 0.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 77,430 shares of company stock worth $2,291,052 over the last quarter. Insiders own 6.97% of the company’s stock.

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.