Ringcentral, Inc. $RNG Shares Sold by Sylebra Capital LLC

Sylebra Capital LLC trimmed its position in shares of Ringcentral, Inc. (NYSE:RNG) by 15.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,385,186 shares of the software maker’s stock after selling 1,151,037 shares during the period. Ringcentral makes up about 7.4% of Sylebra Capital LLC’s holdings, making the stock its 6th largest holding. Sylebra Capital LLC owned about 7.10% of Ringcentral worth $181,020,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Parallel Advisors LLC increased 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 acquiring an additional 1,066 shares during the period. Ameritas Advisory Services LLC purchased a new position in Ringcentral in the second quarter valued at $49,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Ringcentral by 103.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,823 shares of the software maker’s stock valued at $52,000 after buying an additional 925 shares in the last quarter. 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 during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in shares of Ringcentral during the 1st quarter worth about $145,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 27,018 shares of the 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 completion of the sale, the chief executive officer directly owned 262,240 shares of the company’s stock, valued at $7,258,803.20. This trade represents a 9.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Tarun Arora sold 3,888 shares of Ringcentral stock in a transaction on Monday, December 1st. The shares were sold at an average price of $28.70, for a total transaction of $111,585.60. Following the completion of the transaction, the chief accounting officer owned 93,412 shares in the company, valued at approximately $2,680,924.40. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 109,343 shares of company stock valued at $2,974,280 over the last 90 days. Insiders own 6.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Morgan Stanley raised 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. Wells Fargo & Company started coverage on shares of Ringcentral in a report on Tuesday, September 30th. They set 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 report on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a research note on Monday, December 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $36.00 price objective on shares of Ringcentral in a research note on Tuesday, November 4th. Four research 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. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $31.54.

Ringcentral Price Performance

Shares of NYSE:RNG opened at $31.03 on Friday. Ringcentral, Inc. has a 1-year low of $20.58 and a 1-year high of $41.06. The stock has a market cap of $2.69 billion, a P/E ratio of 221.63, a P/E/G ratio of 1.60 and a beta of 1.29. The firm has a fifty day moving average price of $28.26 and a 200 day moving average price of $28.44.

Ringcentral (NYSE:RNG) last posted its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. Ringcentral had a net margin of 0.53% and a negative return on equity of 22.38%. The company had revenue of $638.66 million for the quarter, compared to analyst estimates of $635.39 million. During the same period in the previous year, the business posted $0.95 earnings per share. Ringcentral’s quarterly revenue was up 4.9% on a year-over-year basis. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. Sell-side analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current fiscal 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.