Hussman Strategic Advisors Inc. Takes Position in Ringcentral, Inc. $RNG

Hussman Strategic Advisors Inc. bought a new position in shares of Ringcentral, Inc. (NYSE:RNG) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 42,000 shares of the software maker’s stock, valued at approximately $1,191,000.

Other hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC raised its stake in shares of Ringcentral by 256.9% in the 2nd quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock valued at $42,000 after acquiring an additional 1,066 shares during the period. Ameritas Advisory Services LLC purchased a new position in Ringcentral in the 2nd quarter worth approximately $49,000. New Age Alpha Advisors LLC acquired a new stake in Ringcentral in the first quarter valued at approximately $49,000. PNC Financial Services Group Inc. grew its position in Ringcentral by 26.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock valued at $72,000 after acquiring an additional 615 shares in the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in shares of Ringcentral during the first quarter valued at approximately $145,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Buying and Selling

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

Ringcentral Trading Down 8.5%

Shares of NYSE RNG opened at $27.39 on Wednesday. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -195.63, a price-to-earnings-growth ratio of 1.33 and a beta of 1.32. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $42.19. The business has a 50 day simple moving average of $29.59 and a 200-day simple moving average of $28.04.

Ringcentral (NYSE:RNG) last released its quarterly earnings data 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 firm had revenue of $638.66 million during the quarter, compared to the consensus estimate of $635.39 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.95 earnings per share. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. As a group, equities analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Analysts Set New Price Targets

RNG has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ringcentral in a report on Wednesday, October 8th. Oppenheimer raised shares of Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a research report on Wednesday, August 6th. Rosenblatt Securities reaffirmed a “buy” rating and set a $32.00 target price on shares of Ringcentral in a research report on Tuesday. UBS Group dropped their price target on shares of Ringcentral from $33.00 to $32.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Finally, Jefferies Financial Group reduced their price objective on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, August 6th. 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $31.54.

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.