70,733 Shares in RingCentral, Inc. $RNG Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 70,733 RingCentral shares worth approximately $2.76 million, while institutional investors collectively own 98.61% of the company.
• RingCentral exceeded quarterly expectations, reporting $1.22 in EPS and $657.01 million in revenue, up 5.9% year over year. The company also raised its quarterly dividend to $0.125 per share.
• Analyst sentiment remains mixed: Oppenheimer and Needham raised their price targets to $85, but the broader analyst consensus is still “Hold” with an average target of $56.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 70,733 shares of the software maker's stock, valued at approximately $2,757,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.08% of RingCentral as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. California State Teachers Retirement System boosted its holdings in shares of RingCentral by 3,720.4% in the 2nd quarter. California State Teachers Retirement System now owns 3,166,501 shares of the software maker's stock valued at $123,430,000 after purchasing an additional 3,083,616 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of RingCentral during the 3rd quarter worth $53,365,000. LSV Asset Management raised its position in shares of RingCentral by 142.4% in the 4th 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 during the period. Quantinno Capital Management LP raised its position in shares of RingCentral by 150.4% in 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. Finally, AQR Capital Management LLC boosted its holdings in RingCentral by 35.4% in the fourth quarter. AQR Capital Management LLC now owns 2,003,950 shares of the software maker's stock valued at $57,874,000 after acquiring an additional 523,966 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Insider Buying and Selling at RingCentral

In other news, Director Robert Theis sold 2,530 shares of the company's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.28, for a total value of $101,908.40. Following the completion of the transaction, the director directly owned 30,834 shares in the company, valued at approximately $1,241,993.52. This represents a 7.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Vladimir Shmunis sold 15,556 shares of the firm's stock in a transaction on 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 sale, the chief executive officer directly owned 190,271 shares of the company's stock, valued at approximately $13,657,652.38. The trade was a 7.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last quarter, insiders sold 46,799 shares of company stock valued at $3,248,018. 7.30% of the stock is owned by company insiders.

RingCentral Price Performance

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

NYSE:RNG opened at $68.79 on Friday. The business's 50-day moving average is $57.35 and its two-hundred day moving average is $45.72. The firm has a market capitalization of $5.74 billion, a PE ratio of 55.03, a price-to-earnings-growth ratio of 1.20 and a beta of 1.14. RingCentral, Inc. has a 12 month low of $24.14 and a 12 month high of $77.95.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, July 23rd. The software maker reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.16 by $0.06. The business had revenue of $657.01 million during 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%.The company's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter last 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. Equities analysts anticipate that RingCentral, Inc. will post 2.89 EPS for the current year.

RingCentral Increases Dividend

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

Analyst Upgrades and Downgrades

RNG has been the subject of a number of research reports. Oppenheimer boosted their price target on RingCentral from $50.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday, September 1st. Needham & Company LLC lifted their price objective on RingCentral from $55.00 to $85.00 and gave the company a "buy" rating in a research note on Friday, August 28th. Rosenblatt Securities reiterated a "buy" rating and set a $50.00 target price on shares of RingCentral in a report on Friday, July 24th. Weiss Ratings reissued a "hold (c)" rating on shares of RingCentral in a research report on Friday, July 17th. Finally, Mizuho raised 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. Four research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $56.00.

About RingCentral

RingCentral, Inc is a cloud communications and collaboration company that provides business communications software through a subscription-based platform. Its services are designed to help organizations manage voice, messaging, video meetings, team collaboration and other communications across devices and locations.

The company's offerings include RingEX, its unified communications platform; RingCentral Video for online meetings and collaboration; RingCentral Events for virtual and hybrid events; and contact center products, including RingCX.

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