Royal Bank of Canada lessened its holdings in RingCentral, Inc. (NYSE:RNG – Free Report) by 13.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 92,125 shares of the software maker’s stock after selling 14,117 shares during the period. Royal Bank of Canada’s holdings in RingCentral were worth $3,427,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. WealthCollab LLC lifted its stake in RingCentral by 59.7% in the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock valued at $26,000 after buying an additional 259 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in shares of RingCentral by 127.3% in the first quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock worth $27,000 after acquiring an additional 410 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of RingCentral by 269.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker’s stock valued at $29,000 after acquiring an additional 738 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of RingCentral by 70.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker’s stock valued at $30,000 after acquiring an additional 424 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in RingCentral during the 3rd quarter worth about $30,000. 98.61% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on RNG shares. Piper Sandler boosted their target price on shares of RingCentral from $40.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Oppenheimer reaffirmed an “outperform” rating and set a $50.00 price target on shares of RingCentral in a research note on Friday, May 8th. Robert W. Baird set a $45.00 price target on shares of RingCentral in a report on Friday, May 8th. Wells Fargo & Company boosted their price objective on shares of RingCentral from $32.00 to $43.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $40.00 price objective on shares of RingCentral in a research note on Saturday, May 9th. Three equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $44.40.
Insider Activity at RingCentral
In other news, COO Kira Makagon sold 16,988 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $42.54, for a total transaction of $722,669.52. Following the completion of the transaction, the chief operating officer owned 212,724 shares of the company’s stock, valued at $9,049,278.96. This represents a 7.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert I. Theis sold 2,530 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.28, for a total transaction of $101,908.40. Following the transaction, the director owned 30,834 shares in the company, valued at approximately $1,241,993.52. The trade was a 7.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 38,628 shares of company stock worth $1,656,201. Corporate insiders own 7.30% of the company’s stock.
RingCentral Stock Down 5.2%
RNG stock opened at $64.27 on Friday. The stock has a market capitalization of $5.37 billion, a price-to-earnings ratio of 51.42, a price-to-earnings-growth ratio of 1.18 and a beta of 1.10. RingCentral, Inc. has a 52-week low of $24.14 and a 52-week high of $68.45. The stock’s fifty day simple moving average is $45.46 and its 200-day simple moving average is $40.19.
RingCentral (NYSE:RNG – Get Free Report) last released its earnings results on Thursday, July 23rd. The software maker reported $1.22 EPS for the quarter, beating the consensus estimate of $1.16 by $0.06. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%.The firm had revenue of $657.01 million during the quarter, compared to analyst estimates of $650.53 million. During the same period in the prior year, the firm posted $1.06 earnings per share. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. RingCentral has set its FY 2026 guidance at 4.960-5.100 EPS and its Q3 2026 guidance at 1.250-1.300 EPS. As a group, analysts anticipate that RingCentral, Inc. will post 2.88 earnings per share for the current fiscal year.
RingCentral Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be issued a $0.125 dividend. This is a positive change from RingCentral’s previous quarterly dividend of $0.07. The ex-dividend date is Thursday, August 6th. This represents a $0.50 annualized dividend and a yield of 0.8%. RingCentral’s dividend payout ratio (DPR) is presently 40.00%.
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.
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