Teachers Retirement System of The State of Kentucky acquired a new position in shares of RingCentral, Inc. (NYSE:RNG – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 18,850 shares of the software maker’s stock, valued at approximately $701,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RNG. Alyeska Investment Group L.P. purchased a new position in shares of RingCentral in the 3rd quarter worth approximately $53,365,000. LSV Asset Management raised its holdings in RingCentral by 142.4% during the 4th quarter. LSV Asset Management now owns 2,871,700 shares of the software maker’s stock valued at $82,935,000 after buying an additional 1,686,900 shares during the period. AQR Capital Management LLC lifted its position in RingCentral by 35.4% in the fourth quarter. AQR Capital Management LLC now owns 2,003,950 shares of the software maker’s stock worth $57,874,000 after buying an additional 523,966 shares during the last quarter. Russell Investments Group Ltd. lifted its position in RingCentral by 138.6% in the third quarter. Russell Investments Group Ltd. now owns 811,747 shares of the software maker’s stock worth $23,113,000 after buying an additional 471,559 shares during the last quarter. Finally, Two Sigma Investments LP boosted its stake in RingCentral by 130.5% during the third quarter. Two Sigma Investments LP now owns 490,255 shares of the software maker’s stock worth $13,894,000 after buying an additional 277,577 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on RNG shares. Jefferies Financial Group reiterated a “hold” rating and set a $40.00 price objective on shares of RingCentral in a research report on Saturday, May 9th. Wells Fargo & Company upped their price target on shares of RingCentral from $32.00 to $43.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Oppenheimer reissued an “outperform” rating and issued a $50.00 price objective on shares of RingCentral in a research report on Friday, May 8th. Robert W. Baird set a $45.00 price objective on shares of RingCentral in a research report on Friday, May 8th. Finally, Rosenblatt Securities raised their price objective on shares of RingCentral from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $43.00.
Insider Buying and Selling
In other news, Director Robert I. Theis sold 2,530 shares of RingCentral stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.28, for a total transaction of $101,908.40. Following the completion of the sale, the director owned 30,834 shares of the company’s stock, valued at approximately $1,241,993.52. The trade was a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Tarun Arora sold 3,615 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $43.00, for a total value of $155,445.00. Following the completion of the sale, the chief accounting officer owned 68,100 shares of the company’s stock, valued at $2,928,300. The trade was a 5.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 45,451 shares of company stock worth $1,933,565 over the last 90 days. Corporate insiders own 7.30% of the company’s stock.
RingCentral Stock Up 2.8%
RNG stock opened at $41.85 on Friday. The business’s fifty day simple moving average is $40.51 and its two-hundred day simple moving average is $36.32. RingCentral, Inc. has a twelve month low of $23.59 and a twelve month high of $49.85. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 44.52, a PEG ratio of 1.20 and a beta of 1.14.
RingCentral (NYSE:RNG – Get Free Report) last issued its earnings results on Thursday, May 7th. The software maker reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The firm had revenue of $644.20 million during the quarter, compared to analyst estimates of $642.73 million. RingCentral had a net margin of 3.31% and a negative return on equity of 33.75%. The business’s revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.00 earnings per share. RingCentral has set its FY 2026 guidance at 4.850-5.010 EPS and its Q2 2026 guidance at 1.150-1.170 EPS. Research analysts expect that RingCentral, Inc. will post 2.78 EPS for the current year.
RingCentral Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Tuesday, June 2nd were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Tuesday, June 2nd. RingCentral’s payout ratio is 31.91%.
RingCentral Company 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.
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