Oak Harvest Investment Services Purchases New Position in Ringcentral, Inc. $RNG

Oak Harvest Investment Services purchased a new stake in shares of Ringcentral, Inc. (NYSE:RNG) in the third quarter, according to the company in its most recent filing with the SEC. The fund purchased 66,082 shares of the software maker’s stock, valued at approximately $1,873,000. Oak Harvest Investment Services owned about 0.07% of Ringcentral as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the stock. Parallel Advisors LLC grew its holdings in 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 buying an additional 1,066 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Ringcentral in the 2nd quarter worth $49,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of 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 purchasing an additional 925 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Ringcentral by 45.2% in the second quarter. PNC Financial Services Group Inc. now owns 4,248 shares of the software maker’s stock valued at $120,000 after purchasing an additional 1,323 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Ringcentral by 29.0% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,705 shares of the software maker’s stock valued at $162,000 after purchasing an additional 1,284 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Insider Buying and Selling at Ringcentral

In related news, CEO Vladimir Shmunis sold 27,018 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $27.68, for a total transaction of $747,858.24. Following the sale, the chief executive officer directly owned 262,240 shares in the company, valued at approximately $7,258,803.20. This represents a 9.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Kira Makagon sold 6,495 shares of the firm’s stock in a transaction that occurred on Friday, December 26th. The stock was sold at an average price of $29.22, for a total transaction of $189,783.90. Following the completion of the transaction, the chief operating officer directly owned 336,162 shares of the company’s stock, valued at approximately $9,822,653.64. This trade represents a 1.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 115,838 shares of company stock worth $3,164,064. 7.30% of the stock is currently owned by company insiders.

Ringcentral Price Performance

Shares of NYSE RNG opened at $29.55 on Tuesday. The stock has a market capitalization of $2.56 billion, a PE ratio of 211.05, a P/E/G ratio of 1.52 and a beta of 1.29. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $37.23. The business’s fifty day moving average price is $28.76 and its 200-day moving average price is $28.67.

Ringcentral (NYSE:RNG) last announced its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 earnings per share 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 negative return on equity of 22.38% and a net margin of 0.53%.The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter 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 analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. Needham & Company LLC restated a “buy” rating and issued a $36.00 target price on shares of Ringcentral in a research note on Tuesday, November 4th. Morgan Stanley upped their target price on Ringcentral from $29.00 to $31.00 and gave the company an “equal weight” rating in a report on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 22nd. Finally, Wells Fargo & Company assumed coverage on Ringcentral in a report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ringcentral presently has an average rating of “Hold” and a consensus target price of $31.54.

About Ringcentral

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.