Fort Washington Investment Advisors Inc. OH Has $34.69 Million Position in Ringcentral, Inc. $RNG

Fort Washington Investment Advisors Inc. OH grew its holdings in Ringcentral, Inc. (NYSE:RNG) by 22.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,224,090 shares of the software maker’s stock after purchasing an additional 228,202 shares during the period. Fort Washington Investment Advisors Inc. OH’s holdings in Ringcentral were worth $34,691,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of RNG. Parallel Advisors LLC raised its position in Ringcentral by 256.9% during the second quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock valued at $42,000 after buying an additional 1,066 shares during the period. Ameritas Advisory Services LLC purchased a new stake in shares of Ringcentral in the second quarter worth approximately $49,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Ringcentral by 103.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,823 shares of the software maker’s stock worth $52,000 after purchasing an additional 925 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Ringcentral by 45.2% during the second quarter. PNC Financial Services Group Inc. now owns 4,248 shares of the software maker’s stock worth $120,000 after purchasing an additional 1,323 shares during the period. Finally, Bayforest Capital Ltd purchased a new position in Ringcentral during the first quarter valued at approximately $145,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Ringcentral Trading Down 0.1%

Shares of NYSE:RNG opened at $29.55 on Tuesday. The stock has a market capitalization of $2.56 billion, a PE ratio of 211.05, a P/E/G ratio of 1.52 and a beta of 1.29. Ringcentral, Inc. has a 1 year low of $20.58 and a 1 year high of $37.23. The firm has a fifty day moving average price of $28.76 and a 200 day moving average price of $28.67.

Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. The company had revenue of $638.66 million during the quarter, compared to analysts’ expectations of $635.39 million. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. 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, sell-side analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Kira Makagon sold 6,495 shares of the business’s stock in a transaction on Friday, December 26th. The shares were sold at an average price of $29.22, for a total value of $189,783.90. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 27,018 shares of the company’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $27.68, for a total transaction of $747,858.24. Following the sale, the chief executive officer directly owned 262,240 shares of the company’s stock, valued at approximately $7,258,803.20. This represents a 9.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 115,838 shares of company stock valued at $3,164,064 in the last quarter. Company insiders own 7.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RNG. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 price target on shares of Ringcentral in a research note on Tuesday, November 4th. Wells Fargo & Company started coverage on Ringcentral in a report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price objective for the company. Rosenblatt Securities restated a “buy” rating and issued a $32.00 target price on shares of Ringcentral in a research note on Tuesday, November 4th. Finally, Morgan Stanley upped their target price on Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 4th. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $31.54.

Ringcentral Company 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.