Janus Henderson Group PLC lifted its stake in RingCentral, Inc. (NYSE:RNG – Free Report) by 412.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 177,966 shares of the software maker’s stock after buying an additional 143,254 shares during the quarter. Janus Henderson Group PLC owned approximately 0.21% of RingCentral worth $6,620,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of RingCentral during the 1st quarter worth approximately $697,000. Robertson Stephens Wealth Management LLC lifted its stake in shares of RingCentral by 124.7% in the 4th quarter. Robertson Stephens Wealth Management LLC now owns 90,311 shares of the software maker’s stock valued at $2,608,000 after purchasing an additional 50,122 shares during the period. LSV Asset Management boosted its holdings in RingCentral by 142.4% during the fourth quarter. LSV Asset Management now owns 2,871,700 shares of the software maker’s stock worth $82,935,000 after buying an additional 1,686,900 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in RingCentral by 60.0% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 280,323 shares of the software maker’s stock worth $8,096,000 after buying an additional 105,145 shares in the last quarter. Finally, Jupiter Asset Management Ltd. grew its position in RingCentral by 11.4% during the fourth quarter. Jupiter Asset Management Ltd. now owns 1,456,270 shares of the software maker’s stock valued at $42,057,000 after buying an additional 149,532 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.
RingCentral Trading Up 1.1%
Shares of RingCentral stock opened at $61.33 on Thursday. RingCentral, Inc. has a twelve month low of $24.14 and a twelve month high of $62.14. The firm has a market capitalization of $5.12 billion, a PE ratio of 49.06, a P/E/G ratio of 1.05 and a beta of 1.10. The firm’s 50-day moving average price is $42.74 and its 200 day moving average price is $38.44.
RingCentral Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $0.50 annualized dividend and a yield of 0.8%. This is an increase from RingCentral’s previous quarterly dividend of $0.07. RingCentral’s dividend payout ratio is currently 24.00%.
Insider Transactions at RingCentral
In other RingCentral news, Director Amy Guggenheim Shenkan sold 1,265 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $40.59, for a total value of $51,346.35. Following the transaction, the director owned 29,372 shares in the company, valued at approximately $1,192,209.48. This trade represents a 4.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Tarun Arora sold 3,615 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $43.00, for a total transaction of $155,445.00. Following the sale, the chief accounting officer directly owned 68,100 shares of the company’s stock, valued at $2,928,300. The trade was a 5.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 38,628 shares of company stock worth $1,656,201 in the last quarter. 7.30% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on RNG. Rosenblatt Securities reiterated a “buy” rating and issued a $50.00 price objective on shares of RingCentral in a research report on Friday, July 24th. Needham & Company LLC restated a “buy” rating on shares of RingCentral in a research note on Monday, July 20th. Mizuho upped their price target on RingCentral from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Morgan Stanley increased their price target on RingCentral from $33.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Finally, Piper Sandler raised their price objective on RingCentral from $40.00 to $43.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Three equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $44.40.
Get Our Latest Research Report on RingCentral
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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