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

Jupiter Asset Management Ltd. raised its stake in Ringcentral, Inc. (NYSE:RNG) by 1.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,382,049 shares of the software maker’s stock after acquiring an additional 16,325 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Ringcentral were worth $39,181,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of RNG. Fort Washington Investment Advisors Inc. OH boosted its holdings in Ringcentral by 27.1% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 995,888 shares of the software maker’s stock worth $28,233,000 after buying an additional 212,146 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Ringcentral during the 2nd quarter worth about $404,000. Bank of New York Mellon Corp grew its position in shares of Ringcentral by 8.2% during the 1st quarter. Bank of New York Mellon Corp now owns 548,765 shares of the software maker’s stock valued at $13,587,000 after acquiring an additional 41,486 shares during the period. Yorktown Management & Research Co Inc acquired a new stake in shares of Ringcentral during the 2nd quarter valued at about $370,000. Finally, Cetera Investment Advisers purchased a new position in shares of Ringcentral in the 1st quarter valued at about $256,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Activity at Ringcentral

In other news, CAO Tarun Arora sold 1,037 shares of the company’s stock in a transaction 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 in the company, valued at approximately $3,439,362.34. This represents a 0.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 2,443 shares of the stock in a transaction 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 in the company, 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 valued at $2,291,052 over the last 90 days. 6.97% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RNG. Weiss Ratings restated a “sell (d-)” rating on shares of Ringcentral in a research report on Wednesday, October 8th. Morgan Stanley boosted their target price on shares of Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 4th. Wells Fargo & Company began coverage on Ringcentral in a report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 price objective on the stock. Rosenblatt Securities restated a “buy” rating and issued a $32.00 target price on shares of Ringcentral in a research report on Tuesday, November 4th. Finally, Oppenheimer upgraded Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a research report on Wednesday, August 6th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $31.54.

Ringcentral Stock Up 1.1%

NYSE:RNG opened at $27.39 on Wednesday. Ringcentral, Inc. has a 52 week low of $20.58 and a 52 week high of $42.19. The company has a fifty day simple moving average of $29.25 and a two-hundred day simple moving average of $28.16. The company has a market cap 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 1.33.

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

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.