21,199 Shares in RingCentral, Inc. $RNG Acquired by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio acquired 21,199 RingCentral shares worth approximately $826,000 in the second quarter. Institutional investors collectively own 98.61% of the company.
• RingCentral exceeded quarterly expectations, reporting adjusted EPS of $1.22 versus the $1.16 consensus and revenue of $657.01 million. Revenue increased 5.9% year over year, and the company raised its quarterly dividend to $0.125.
• Shares opened at $69.62, near their 52-week high of $77.95, while analysts maintained a consensus “Hold” rating with an average price target of $56.00. Recent insider sales were conducted under pre-arranged plans to cover tax obligations tied to equity awards.

Public Employees Retirement System of Ohio acquired a new stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 21,199 shares of the software maker's stock, valued at approximately $826,000.

Other large investors have also recently bought and sold shares of the company. LSV Asset Management boosted its position in shares of 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 purchasing an additional 1,686,900 shares in the last quarter. AQR Capital Management LLC increased its position in shares of RingCentral by 35.4% in the 4th quarter. AQR Capital Management LLC now owns 2,003,950 shares of the software maker's stock valued at $57,874,000 after buying an additional 523,966 shares in the last quarter. Quantinno Capital Management LP raised its stake in RingCentral by 150.4% during the 1st quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker's stock worth $73,524,000 after buying an additional 1,187,437 shares during the period. Alyeska Investment Group L.P. acquired a new stake in RingCentral during the 3rd quarter worth $53,365,000. Finally, Marshall Wace LLP lifted its holdings in RingCentral by 4.4% during the third quarter. Marshall Wace LLP now owns 1,794,978 shares of the software maker's stock worth $50,870,000 after acquiring an additional 75,709 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 7,046 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $72.10, for a total value of $508,016.60. Following the completion of the sale, the chief financial officer owned 146,700 shares in the company, valued at $10,577,070. This trade represents a 4.58% decrease in their ownership of the stock. The sale 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Vladimir Shmunis sold 15,556 shares of RingCentral stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $71.78, for a total transaction of $1,116,609.68. Following the completion of the transaction, the chief executive officer directly owned 190,271 shares of the company's stock, valued at approximately $13,657,652.38. This trade represents a 7.56% 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 46,799 shares of company stock valued at $3,248,018 in the last ninety days. 7.30% of the stock is currently owned by insiders.

RingCentral Price Performance

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

Shares of NYSE RNG opened at $69.62 on Thursday. The business has a 50-day moving average of $56.77 and a 200-day moving average of $45.51. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 55.70, a PEG ratio of 1.21 and a beta of 1.14. RingCentral, Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $77.95.

RingCentral (NYSE:RNG - Get Free Report) last released its earnings results on Thursday, July 23rd. The software maker reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.06. The business had revenue of $657.01 million for the quarter, compared to analyst estimates of $650.53 million. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%.RingCentral's revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $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, sell-side analysts expect that RingCentral, Inc. will post 2.89 EPS for the current year.

RingCentral Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Thursday, August 6th. This is a boost from RingCentral's previous quarterly dividend of $0.07. RingCentral's payout ratio is currently 40.00%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RNG. Piper Sandler increased their price target on RingCentral from $40.00 to $43.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Mizuho upped their price target on shares of RingCentral from $38.00 to $40.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Wells Fargo & Company boosted their price objective on shares of RingCentral from $43.00 to $65.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 25th. Oppenheimer increased 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, Weiss Ratings reaffirmed a "hold (c)" rating on shares of RingCentral in a research report on Friday, July 17th. Four analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, RingCentral has an average rating of "Hold" and an average target price of $56.00.

RingCentral 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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