Principal Financial Group Inc. bought a new position in RingCentral, Inc. (NYSE:RNG - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm bought 368,877 shares of the software maker's stock, valued at approximately $13,719,000. Principal Financial Group Inc. owned approximately 0.43% of RingCentral at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its position in shares of RingCentral by 269.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker's stock worth $29,000 after acquiring an additional 738 shares in the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of RingCentral by 70.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker's stock valued at $30,000 after buying an additional 424 shares during the period. Harvest Fund Management Co. Ltd purchased a new stake in shares of RingCentral during the 3rd quarter valued at $30,000. Global Retirement Partners LLC increased its holdings in shares of RingCentral by 70.9% during the 4th quarter. Global Retirement Partners LLC now owns 1,540 shares of the software maker's stock worth $44,000 after buying an additional 639 shares during the last quarter. Finally, SJS Investment Consulting Inc. increased its holdings in shares of RingCentral by 598.3% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,222 shares of the software maker's stock worth $45,000 after buying an additional 1,047 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at RingCentral
In related news, Director Amy Guggenheim Shenkan sold 1,265 shares of the firm's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.59, for a total value of $51,346.35. Following the completion of the sale, the director owned 29,372 shares of the company's stock, valued at $1,192,209.48. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert I. Theis sold 2,530 shares of the business's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $40.28, for a total transaction of $101,908.40. Following the completion of the transaction, the director owned 30,834 shares of the company's stock, valued at $1,241,993.52. This trade represents a 7.58% 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. In the last ninety days, insiders have sold 44,498 shares of company stock worth $1,892,586. Corporate insiders own 7.30% of the company's stock.
RingCentral Stock Performance
Shares of RNG opened at $38.62 on Friday. The stock has a fifty day moving average price of $40.27 and a two-hundred day moving average price of $36.70. RingCentral, Inc. has a 52-week low of $23.59 and a 52-week high of $49.85. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 41.08, a PEG ratio of 1.11 and a beta of 1.14.
RingCentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, July 23rd. The software maker reported $1.22 EPS for the quarter, topping the consensus estimate of $1.16 by $0.06. RingCentral had a negative return on equity of 33.75% and a net margin of 3.31%.The company had revenue of $657.01 million for the quarter, compared to analysts' expectations of $650.53 million. During the same quarter in the prior year, the business earned $1.06 earnings per share. The business's revenue for the quarter was up 5.9% on a year-over-year basis. RingCentral has set its FY 2026 guidance at 4.960-5.100 EPS and its Q3 2026 guidance at 1.250-1.300 EPS. As a group, research analysts predict that RingCentral, Inc. will post 2.78 EPS for the current fiscal year.
RingCentral Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.3%. The ex-dividend date is Thursday, August 6th. This is a boost from RingCentral's previous quarterly dividend of $0.07. RingCentral's dividend payout ratio is 31.91%.
Trending Headlines about RingCentral
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Analysts Set New Price Targets
Several research analysts have weighed in on the stock. Needham & Company LLC reissued a "buy" rating on shares of RingCentral in a report on Monday. Oppenheimer restated an "outperform" rating and set a $50.00 price objective on shares of RingCentral in a research note on Friday, May 8th. Morgan Stanley increased their target price on RingCentral from $33.00 to $40.00 and gave the company an "equal weight" rating in a report on Monday, May 11th. Wells Fargo & Company raised their target price on RingCentral from $32.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Friday, May 8th. Finally, Robert W. Baird set a $45.00 target price on shares of RingCentral in a report on Friday, May 8th. Three analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $43.00.
Check Out Our Latest Stock Report on RingCentral
RingCentral Company Profile
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding RNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RingCentral, Inc. (NYSE:RNG - Free Report).
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