Wedge Capital Management L L P NC raised its stake in RingCentral, Inc. (NYSE:RNG – Free Report) by 29.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 108,784 shares of the software maker’s stock after buying an additional 24,508 shares during the quarter. Wedge Capital Management L L P NC’s holdings in RingCentral were worth $4,240,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of RNG. WealthCollab LLC boosted its position in shares of RingCentral by 59.7% during the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock valued at $26,000 after acquiring an additional 259 shares during the last quarter. Meeder Asset Management Inc. grew 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 valued at $27,000 after purchasing an additional 410 shares during the period. EverSource Wealth Advisors LLC increased its position in RingCentral by 269.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker’s stock worth $29,000 after purchasing an additional 738 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in RingCentral by 70.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker’s stock worth $30,000 after purchasing an additional 424 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in RingCentral during the third quarter worth about $30,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.
RingCentral Trading Up 8.1%
Shares of RNG opened at $67.94 on Friday. The firm has a market cap of $5.67 billion, a P/E ratio of 54.35, a price-to-earnings-growth ratio of 1.09 and a beta of 1.10. RingCentral, Inc. has a 12-month low of $24.14 and a 12-month high of $68.45. The company’s 50-day moving average price is $45.02 and its 200 day moving average price is $40.02.
RingCentral Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 6th. This is an increase from RingCentral’s previous quarterly dividend of $0.07. RingCentral’s dividend payout ratio is 40.00%.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on RNG. Morgan Stanley boosted their target price on shares of RingCentral from $33.00 to $40.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Mizuho raised their price target on shares of RingCentral from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Robert W. Baird set a $45.00 price target on shares of RingCentral in a research report on Friday, May 8th. Oppenheimer reiterated an “outperform” rating and issued a $50.00 price objective on shares of RingCentral in a report on Friday, May 8th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of RingCentral in a research report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, RingCentral presently has an average rating of “Hold” and a consensus target price of $44.40.
Read Our Latest Report on RingCentral
Insider Activity
In other RingCentral news, Director Amy Guggenheim Shenkan sold 1,265 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $40.59, for a total transaction of $51,346.35. Following the transaction, the director directly owned 29,372 shares in the company, valued at $1,192,209.48. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,047 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $46.17, for a total value of $325,359.99. Following the transaction, the chief financial officer owned 169,282 shares in the company, valued at $7,815,749.94. This trade represents a 4.00% decrease in their ownership of the stock. 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 have sold a total of 38,628 shares of company stock worth $1,656,201 in the last three months. 7.30% of the stock is currently owned by corporate insiders.
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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