Meritage Portfolio Management Takes $697,000 Position in Ringcentral, Inc. $RNG

Meritage Portfolio Management purchased a new stake in Ringcentral, Inc. (NYSE:RNG) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 24,577 shares of the software maker’s stock, valued at approximately $697,000.

Several other hedge funds and other institutional investors also recently modified their holdings of RNG. Ameriprise Financial Inc. lifted its position in shares of Ringcentral by 7.9% during the first quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker’s stock worth $173,987,000 after acquiring an additional 512,834 shares in the last quarter. Contour Asset Management LLC purchased a new stake in shares of Ringcentral during the first quarter worth $45,650,000. Jupiter Asset Management Ltd. lifted its position in shares of Ringcentral by 29.0% during the first quarter. Jupiter Asset Management Ltd. now owns 1,365,724 shares of the software maker’s stock worth $33,815,000 after acquiring an additional 306,971 shares in the last quarter. Fort Washington Investment Advisors Inc. OH boosted its stake in Ringcentral by 27.1% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 995,888 shares of the software maker’s stock worth $28,233,000 after purchasing an additional 212,146 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its stake in Ringcentral by 354.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker’s stock worth $21,558,000 after purchasing an additional 679,211 shares during the period. Institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wells Fargo & Company began coverage on Ringcentral in a research note on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 target price for the company. UBS Group reduced their price objective 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. 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 note on Wednesday, August 6th. Jefferies Financial Group reduced their price objective on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a research note on Wednesday, August 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ringcentral in a report on Wednesday, October 8th. Four investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $31.38.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 2,443 shares of the 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 directly owned 226,448 shares in the company, valued at approximately $6,951,953.60. This represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Tarun Arora sold 1,037 shares of the 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 in the company, valued at $3,439,362.34. This trade represents a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 77,430 shares of company stock worth $2,291,052. 6.97% of the stock is currently owned by insiders.

Ringcentral Price Performance

Shares of Ringcentral stock opened at $26.39 on Monday. Ringcentral, Inc. has a 1 year low of $20.58 and a 1 year high of $42.19. The firm has a market cap of $2.39 billion, a PE ratio of -188.49, a PEG ratio of 1.18 and a beta of 1.32. The company has a 50 day simple moving average of $29.71 and a two-hundred day simple moving average of $27.39.

Ringcentral (NYSE:RNG) last announced its earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.04. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The company had revenue of $620.40 million during the quarter, compared to analyst estimates of $617.90 million. During the same period in the previous year, the business earned $0.91 earnings per share. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. 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.

Ringcentral Company Profile

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.