Pacer Advisors Inc. Has $20.45 Million Stake in Ringcentral, Inc. $RNG

Pacer Advisors Inc. lowered its stake in Ringcentral, Inc. (NYSE:RNG) by 12.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 721,710 shares of the software maker’s stock after selling 100,984 shares during the period. Pacer Advisors Inc.’s holdings in Ringcentral were worth $20,453,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Contour Asset Management LLC bought a new stake in Ringcentral during the 1st quarter worth approximately $45,650,000. Jacobs Levy Equity Management Inc. lifted its stake in shares of Ringcentral by 354.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker’s stock worth $21,558,000 after acquiring an additional 679,211 shares during the period. AQR Capital Management LLC raised its holdings in Ringcentral by 27.6% during the 2nd quarter. AQR Capital Management LLC now owns 1,626,454 shares of the software maker’s stock worth $45,728,000 after purchasing an additional 351,347 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Ringcentral by 50.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 812,518 shares of the software maker’s stock valued at $23,035,000 after purchasing an additional 274,037 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in Ringcentral by 17.0% in the second quarter. Marshall Wace LLP now owns 1,719,269 shares of the software maker’s stock worth $48,741,000 after purchasing an additional 249,329 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RNG has been the subject of a number of research reports. Wells Fargo & Company initiated coverage on shares of Ringcentral in a report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $36.00 target price on shares of Ringcentral in a research report on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a report on Monday, December 22nd. Morgan Stanley boosted their price objective on Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 4th. Finally, Rosenblatt Securities restated a “buy” rating and set a $32.00 price objective on shares of Ringcentral in a report on Tuesday, November 4th. 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. Based on data from MarketBeat.com, Ringcentral presently has an average rating of “Hold” and a consensus price target of $31.54.

Insider Buying and Selling

In other news, COO Kira Makagon sold 14,798 shares of the company’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $28.11, for a total transaction of $415,971.78. Following the completion of the transaction, the chief operating officer directly owned 349,358 shares of the company’s stock, valued at approximately $9,820,453.38. This represents a 4.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Tarun Arora sold 3,888 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $28.70, for a total value of $111,585.60. Following the completion of the sale, the chief accounting officer owned 93,412 shares of the company’s stock, valued at approximately $2,680,924.40. This trade represents a 4.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 109,343 shares of company stock valued at $2,974,280 over the last three months. 7.30% of the stock is owned by corporate insiders.

Ringcentral Trading Up 1.1%

Shares of NYSE RNG opened at $29.57 on Friday. The business has a 50-day moving average of $28.72 and a 200-day moving average of $28.64. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 211.25, a PEG ratio of 1.52 and a beta of 1.29. Ringcentral, Inc. has a 12 month low of $20.58 and a 12 month high of $37.27.

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

Ringcentral 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.