Great Lakes Advisors LLC Lowers Holdings in Ringcentral, Inc. $RNG

Great Lakes Advisors LLC trimmed its stake in shares of Ringcentral, Inc. (NYSE:RNG) by 45.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,419 shares of the software maker’s stock after selling 53,476 shares during the period. Great Lakes Advisors LLC’s holdings in Ringcentral were worth $1,854,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Ringcentral by 858.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,645 shares of the software maker’s stock worth $330,000 after purchasing an additional 10,430 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in Ringcentral by 544.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 91,918 shares of the software maker’s stock worth $2,605,000 after buying an additional 77,663 shares in the last quarter. Teacher Retirement System of Texas grew its position in Ringcentral by 31.8% during the third quarter. Teacher Retirement System of Texas now owns 38,847 shares of the software maker’s stock valued at $1,101,000 after buying an additional 9,362 shares during the period. Olympiad Research LP purchased a new position in Ringcentral in the third quarter valued at $230,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Ringcentral by 33.7% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 140,509 shares of the software maker’s stock valued at $3,982,000 after buying an additional 35,390 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Ringcentral Price Performance

Shares of Ringcentral stock opened at $25.91 on Friday. The stock has a market capitalization of $2.24 billion, a P/E ratio of 185.08, a PEG ratio of 1.06 and a beta of 1.22. The business has a 50 day simple moving average of $28.55 and a two-hundred day simple moving average of $28.64. Ringcentral, Inc. has a 12 month low of $20.58 and a 12 month high of $35.92.

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, topping analysts’ consensus estimates of $1.08 by $0.05. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.The firm had revenue of $638.66 million for the quarter, compared to analyst estimates of $635.39 million. During the same period in the previous year, the company posted $0.95 earnings per share. The business’s 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. As a group, research analysts anticipate that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Analysts Set New Price Targets

RNG has been the topic of a number of analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 29th. Rosenblatt Securities restated a “buy” rating and issued a $32.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. Morgan Stanley cut their price objective on Ringcentral from $31.00 to $30.00 and set an “equal weight” rating for the company in a research report on Thursday, January 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $36.00 target price on shares of Ringcentral in a research report on Tuesday, November 4th. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $31.46.

Insider Buying and Selling at Ringcentral

In related news, COO Kira Makagon sold 6,495 shares of the business’s stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $29.22, for a total transaction of $189,783.90. Following the transaction, the chief operating officer directly owned 336,162 shares in the company, valued at approximately $9,822,653.64. The trade was a 1.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 14,971 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $25.96, for a total transaction of $388,647.16. Following the sale, the chief financial officer directly owned 165,593 shares of the company’s stock, valued at approximately $4,298,794.28. This represents a 8.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 115,838 shares of company stock worth $3,164,064 over the last three months. 7.30% of the stock is owned by corporate insiders.

Ringcentral Profile

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.