Bank of New York Mellon Corp Raises Holdings in RingCentral, Inc. $RNG

Bank of New York Mellon Corp lifted its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 28.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 585,789 shares of the software maker's stock after purchasing an additional 130,418 shares during the period. Bank of New York Mellon Corp owned about 0.68% of RingCentral worth $21,785,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Pictet Asset Management Holding SA raised its stake in RingCentral by 3.1% in the first quarter. Pictet Asset Management Holding SA now owns 11,883 shares of the software maker's stock worth $442,000 after buying an additional 362 shares in the last quarter. Rothschild Investment LLC increased its stake in RingCentral by 15.8% during the 4th quarter. Rothschild Investment LLC now owns 2,681 shares of the software maker's stock valued at $77,000 after purchasing an additional 366 shares in the last quarter. Sovereign Financial Group Inc. raised its holdings in RingCentral by 4.2% in the 1st quarter. Sovereign Financial Group Inc. now owns 10,170 shares of the software maker's stock worth $378,000 after acquiring an additional 409 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of RingCentral by 70.5% in the fourth 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, Xponance LLC boosted its holdings in shares of RingCentral by 4.0% during the 4th quarter. Xponance LLC now owns 12,059 shares of the software maker's stock valued at $348,000 after acquiring an additional 464 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 7,047 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $46.17, for a total transaction of $325,359.99. Following the completion of the sale, the chief financial officer directly owned 169,282 shares of the company's stock, valued at approximately $7,815,749.94. This represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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, Director Robert I. Theis sold 2,530 shares of the 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 sale, the director owned 30,834 shares of the company's stock, valued at approximately $1,241,993.52. This 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. Insiders sold a total of 38,628 shares of company stock valued at $1,656,201 in the last three months. 7.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

A number of analysts recently commented on RNG shares. Wells Fargo & Company upped their price objective on RingCentral from $32.00 to $43.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. Needham & Company LLC restated a "buy" rating on shares of RingCentral in a research report on Monday, July 20th. Jefferies Financial Group reissued a "hold" rating and issued a $40.00 price target on shares of RingCentral in a report on Saturday, May 9th. Mizuho increased their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of RingCentral in a research report on Friday, July 17th. Three analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $44.40.

RingCentral Price Performance

RingCentral stock opened at $56.88 on Wednesday. RingCentral, Inc. has a 1 year low of $23.59 and a 1 year high of $57.21. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of 45.50, a price-to-earnings-growth ratio of 1.53 and a beta of 1.14. The firm has a 50-day moving average of $40.96 and a two-hundred day moving average of $37.22.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.22 EPS for the quarter, topping the consensus estimate of $1.16 by $0.06. The company had revenue of $657.01 million for the quarter, compared to the consensus estimate of $650.53 million. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%.RingCentral's quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the business posted $1.06 EPS. RingCentral has set its FY 2026 guidance at 4.960-5.100 EPS and its Q3 2026 guidance at 1.250-1.300 EPS. Research analysts expect that RingCentral, Inc. will post 2.86 earnings per share for the current year.

RingCentral Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, August 6th. This is a positive change from RingCentral's previous quarterly dividend of $0.07. RingCentral's dividend payout ratio is presently 40.00%.

RingCentral Company 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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