16,091 Shares in RingCentral, Inc. $RNG Bought by Fairvoy Private Wealth LLC

Key Points

• Fairvoy Private Wealth LLC purchased 16,091 RingCentral shares worth approximately $1.2 million during the third quarter. Institutional investors collectively own 98.61% of the company.
• RingCentral shares rose 5.2% to $79.37, near their 52-week high of $81.90. The company exceeded quarterly earnings and revenue expectations and reported 5.9% year-over-year revenue growth.
• The company increased its quarterly dividend to $0.125 per share, or $0.50 annually. Analysts remain mixed, with a consensus “Hold” rating and a $56 average price target despite several firms raising targets to $85.

Fairvoy Private Wealth LLC purchased a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) during the third quarter, according to its most recent filing with the SEC. The firm purchased 16,091 shares of the software maker's stock, valued at approximately $1,202,000.

Several other hedge funds and other institutional investors have also bought and sold shares of RNG. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in RingCentral in the first quarter valued at approximately $697,000. Insight Wealth Strategies LLC acquired a new stake in RingCentral in the second quarter worth $6,636,000. Maryland State Retirement & Pension System bought a new position in shares of RingCentral during the first quarter worth $584,000. Janus Henderson Group PLC boosted its position in shares of RingCentral by 412.7% during the first quarter. Janus Henderson Group PLC now owns 177,966 shares of the software maker's stock worth $6,620,000 after purchasing an additional 143,254 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of RingCentral during the second quarter worth $826,000. Institutional investors own 98.61% of the company's stock.

Insider Buying and Selling

In other news, CEO Vladimir Shmunis sold 11,165 shares of the business's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $76.58, for a total value of $855,015.70. Following the sale, the chief executive officer owned 179,106 shares of the company's stock, valued at $13,715,937.48. The trade was a 5.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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. Also, COO Kira Makagon sold 36,185 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $70.11, for a total transaction of $2,536,930.35. Following the transaction, the chief operating officer owned 245,385 shares of the company's stock, valued at $17,203,942.35. The trade was a 12.85% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 84,625 shares of company stock valued at $6,024,953 over the last ninety days. Insiders own 7.30% of the company's stock.

RingCentral Trading Up 5.2%

• It's RingCentral NYSE: RNG You Want In Your 2021 Portfolio, Not Zoom NASDAQ: ZM

Shares of RingCentral stock traded up $3.93 during trading on Monday, reaching $79.37. The stock had a trading volume of 1,286,875 shares, compared to its average volume of 1,987,802. The company has a market capitalization of $6.63 billion, a price-to-earnings ratio of 63.50, a P/E/G ratio of 1.31 and a beta of 1.10. The stock has a fifty day moving average price of $72.34 and a two-hundred day moving average price of $52.82. RingCentral, Inc. has a 52 week low of $24.14 and a 52 week high of $81.90.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.06. The company had revenue of $657.01 million during the quarter, compared to analysts' expectations of $650.53 million. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%. RingCentral's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.06 earnings per share. RingCentral has set its FY 2026 guidance at 4.960-5.100 EPS and its Q3 2026 guidance at 1.250-1.300 EPS. On average, equities analysts forecast that RingCentral, Inc. will post 2.89 EPS for the current fiscal year.

RingCentral Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were issued a $0.1250 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from RingCentral's previous quarterly dividend of $0.0750. The ex-dividend date was Thursday, August 6th. RingCentral's dividend payout ratio is 40.00%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on RNG shares. Piper Sandler boosted their price target on shares of RingCentral from $40.00 to $43.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Needham & Company LLC raised their price objective on RingCentral from $55.00 to $85.00 and gave the stock a "buy" rating in a research note on Friday, August 28th. Mizuho raised their price objective on RingCentral from $38.00 to $40.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Oppenheimer lifted their target price on RingCentral from $50.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday, September 1st. Finally, Royal Bank Of Canada assumed coverage on RingCentral in a report on Thursday, September 3rd. They set an "outperform" rating and a $85.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $56.00.

RingCentral Profile

RingCentral, Inc is a provider of cloud-based business communications and collaboration solutions. Its platform enables organizations to manage business phone services, team messaging, video meetings, contact center operations and other communications through internet-based applications rather than traditional on-premises systems.

The company's offerings include RingEX, a unified communications platform that combines voice, messaging and video; RingCentral Video for online meetings and collaboration; and RingCX, a cloud contact center solution.

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