Baird Financial Group Inc. Has $9.92 Million Stock Holdings in RingCentral, Inc. $RNG

Key Points

• Baird Financial Group increased its RingCentral stake by 7.7% in the second quarter, bringing its holdings to 254,432 shares valued at approximately $9.92 million. Institutional investors collectively own 98.61% of the company.
• RingCentral reported quarterly EPS of $1.22, beating estimates of $1.16, while revenue rose 5.9% year over year to $657.01 million. The company also increased its quarterly dividend to $0.125 per share, or $0.50 annually.
• Shares opened at $68.81, near the 52-week high of $77.95, but analysts remain mixed: the stock has a consensus “Hold” rating and an average price target of $56.00. Insiders have sold 50,971 shares worth $3.54 million over the past 90 days, largely through pre-arranged plans.

Baird Financial Group Inc. lifted its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 7.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 254,432 shares of the software maker's stock after buying an additional 18,220 shares during the quarter. Baird Financial Group Inc. owned about 0.30% of RingCentral worth $9,918,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. WealthCollab LLC raised its stake in shares of RingCentral by 59.7% in the first quarter. WealthCollab LLC now owns 693 shares of the software maker's stock worth $26,000 after acquiring an additional 259 shares during the last quarter. Meeder Asset Management Inc. increased 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 in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of RingCentral by 269.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker's stock valued at $29,000 after purchasing an additional 738 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in RingCentral by 70.5% in the 4th 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 acquired a new position in RingCentral during the 3rd quarter worth $30,000. Institutional investors and hedge funds own 98.61% of the company's stock.

Insiders Place Their Bets

In other RingCentral news, CAO Tarun Arora sold 4,172 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $70.36, for a total value of $293,541.92. Following the completion of the sale, the chief accounting officer directly owned 65,692 shares in the company, valued at $4,622,089.12. This represents a 5.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,046 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $72.10, for a total value of $508,016.60. Following the sale, the chief financial officer directly owned 146,700 shares in the company, valued at approximately $10,577,070. This represents a 4.58% 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 have sold 50,971 shares of company stock valued at $3,541,560 over the last ninety days. 7.30% of the stock is 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 $68.81 on Monday. The firm's 50 day simple moving average is $57.92 and its 200 day simple moving average is $45.96. RingCentral, Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $77.95. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 55.05, a P/E/G ratio of 1.19 and a beta of 1.14.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data 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. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. The firm had revenue of $657.01 million during the quarter, compared to analysts' expectations of $650.53 million. During the same quarter in the previous year, the company 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. Equities research analysts expect that RingCentral, Inc. will post 2.89 earnings per share for the current year.

RingCentral Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were paid a $0.125 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This is a positive change from RingCentral's previous quarterly dividend of $0.07. This represents a $0.50 dividend on an annualized basis and a yield of 0.7%. RingCentral's payout ratio is presently 40.00%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RNG. Rosenblatt Securities restated a "buy" rating and set a $50.00 target price on shares of RingCentral in a research report on Friday, July 24th. Needham & Company LLC lifted their price objective on RingCentral from $55.00 to $85.00 and gave the stock a "buy" rating in a research report on Friday, August 28th. Weiss Ratings reissued a "hold (c)" rating on shares of RingCentral in a report on Friday, July 17th. Oppenheimer upped their target price on shares of RingCentral from $50.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday, September 1st. Finally, Mizuho raised their target price on shares of RingCentral from $38.00 to $40.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Four equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target 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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