Voya Investment Management LLC Has $246,000 Stake in Ringcentral, Inc. $RNG

Voya Investment Management LLC lowered its position in shares of Ringcentral, Inc. (NYSE:RNG) by 75.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,663 shares of the software maker’s stock after selling 26,120 shares during the quarter. Voya Investment Management LLC’s holdings in Ringcentral were worth $246,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in RNG. 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. AQR Capital Management LLC increased its stake in Ringcentral by 27.6% in the second quarter. AQR Capital Management LLC now owns 1,626,454 shares of the software maker’s stock valued at $45,728,000 after purchasing an additional 351,347 shares in the last quarter. Geode Capital Management LLC increased its stake in Ringcentral by 4.6% in the second quarter. Geode Capital Management LLC now owns 1,495,163 shares of the software maker’s stock valued at $42,395,000 after purchasing an additional 65,294 shares in the last quarter. Jupiter Asset Management Ltd. raised its holdings in shares of Ringcentral by 1.2% during the second quarter. Jupiter Asset Management Ltd. now owns 1,382,049 shares of the software maker’s stock valued at $39,181,000 after purchasing an additional 16,325 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of Ringcentral by 3.6% during the 2nd quarter. Acadian Asset Management LLC now owns 1,081,588 shares of the software maker’s stock worth $30,646,000 after purchasing an additional 37,611 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a research note on Monday, December 29th. Wells Fargo & Company began coverage on Ringcentral in a research note on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $36.00 price objective on shares of Ringcentral in a research note on Tuesday, November 4th. Rosenblatt Securities restated a “buy” rating and issued a $32.00 target price on shares of Ringcentral in a report on Tuesday, November 4th. Finally, Morgan Stanley upped their price target on Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 4th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $31.54.

Ringcentral Trading Up 0.9%

Shares of RNG opened at $27.84 on Tuesday. The stock has a 50 day moving average of $28.66 and a 200 day moving average of $28.73. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of 198.86, a PEG ratio of 1.14 and a beta of 1.22. Ringcentral, Inc. has a 12 month low of $20.58 and a 12 month high of $37.23.

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, beating the consensus estimate of $1.08 by $0.05. The firm had revenue of $638.66 million during the quarter, compared to analyst estimates of $635.39 million. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.The business’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm posted $0.95 EPS. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. As a group, equities research analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insider Transactions at Ringcentral

In other news, CAO Tarun Arora sold 3,888 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $28.70, for a total transaction of $111,585.60. Following the transaction, the chief accounting officer owned 93,412 shares of the company’s stock, valued at $2,680,924.40. This represents a 4.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 46,844 shares of Ringcentral stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $26.89, for a total value of $1,259,635.16. Following the completion of the sale, the chief executive officer directly owned 317,139 shares of the company’s stock, valued at approximately $8,527,867.71. This trade represents a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 115,838 shares of company stock worth $3,164,064 in the last ninety days. Company insiders own 7.30% of the company’s stock.

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.