AlphaQuest LLC Acquires 8,371 Shares of Ringcentral, Inc. $RNG

AlphaQuest LLC boosted its stake in shares of Ringcentral, Inc. (NYSE:RNG) by 23.7% during the second quarter, Holdings Channel reports. The fund owned 43,752 shares of the software maker’s stock after acquiring an additional 8,371 shares during the period. AlphaQuest LLC’s holdings in Ringcentral were worth $1,240,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its position in shares of Ringcentral by 256.9% during the second quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock worth $42,000 after purchasing an additional 1,066 shares in the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Ringcentral in the first quarter valued at approximately $49,000. Ameritas Advisory Services LLC bought a new position in Ringcentral in the 2nd quarter worth approximately $49,000. PNC Financial Services Group Inc. lifted its holdings in Ringcentral by 26.6% during 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 in the last quarter. Finally, Bayforest Capital Ltd bought a new position in Ringcentral in the 1st quarter valued at $145,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

Ringcentral Price Performance

Shares of RNG stock opened at $30.00 on Friday. The stock has a market cap of $2.72 billion, a PE ratio of -214.26, a price-to-earnings-growth ratio of 1.34 and a beta of 1.32. The stock has a 50-day moving average of $29.67 and a 200-day moving average of $27.66. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $42.19.

Ringcentral (NYSE:RNG) last issued its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.04. The firm had revenue of $620.40 million during the quarter, compared to analysts’ expectations of $617.90 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.91 earnings per share. Ringcentral has set its Q3 2025 guidance at 1.060-1.080 EPS. FY 2025 guidance at 4.200-4.320 EPS. As a group, research analysts anticipate that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on RNG shares. Wall Street Zen upgraded Ringcentral from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 5th. Jefferies Financial Group lowered their price objective on Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, August 6th. UBS Group dropped their price objective on Ringcentral from $33.00 to $32.00 and set a “neutral” rating for the company in a report on Wednesday, August 6th. Oppenheimer upgraded shares of Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a research report on Wednesday, August 6th. Finally, 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 target for the company. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $31.38.

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.