Calamos Advisors LLC Has $253,000 Position in RingCentral, Inc. $RNG

Key Points

• Calamos Advisors LLC cut its RingCentral stake by 100% in the first quarter, leaving it with 6,791 shares valued at about $253,000 after selling more than 41 million shares.
• Insider selling has continued, with Director Amy Guggenheim Shenkan and CFO Vaibhav Agarwal among those reducing their holdings; insiders sold 45,451 shares worth about $1.93 million over the past three months.
• Analysts remain mixed on RingCentral, with a consensus “Hold” rating and an average price target of $43, while the company recently beat quarterly EPS estimates and raised full-year guidance.

Calamos Advisors LLC lessened its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 100.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,791 shares of the software maker's stock after selling 41,093,209 shares during the period. Calamos Advisors LLC's holdings in RingCentral were worth $253,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in shares of RingCentral by 269.3% in the 4th 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 during the period. Rockefeller Capital Management L.P. grew its holdings in RingCentral by 70.5% during 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 period. Harvest Fund Management Co. Ltd bought a new position in RingCentral during the third quarter worth about $30,000. SJS Investment Consulting Inc. increased its position in RingCentral by 598.3% during the first 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. Finally, Global Retirement Partners LLC increased its position in RingCentral by 70.9% during the fourth 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. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other RingCentral news, Director Amy Guggenheim Shenkan sold 1,265 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $40.59, for a total transaction of $51,346.35. Following the transaction, the director owned 29,372 shares in the company, valued at $1,192,209.48. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,047 shares of RingCentral stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $46.17, for a total value of $325,359.99. Following the sale, the chief financial officer directly owned 169,282 shares of the company's stock, valued at $7,815,749.94. This represents a 4.00% decrease in their position. The SEC filing for this sale provides additional information. 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 a total of 45,451 shares of company stock worth $1,933,565 over the last three months. 7.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Several analysts have issued reports on RNG shares. Morgan Stanley upped their price objective on RingCentral from $33.00 to $40.00 and gave the company an "equal weight" rating in a research note on Monday, May 11th. Wells Fargo & Company boosted their target price on RingCentral from $32.00 to $43.00 and gave the stock an "equal weight" rating in a report on Friday, May 8th. Oppenheimer reissued an "outperform" rating and set a $50.00 target price on shares of RingCentral in a report on Friday, May 8th. Jefferies Financial Group restated a "hold" rating and issued a $40.00 price target on shares of RingCentral in a research note on Saturday, May 9th. Finally, Robert W. Baird set a $45.00 price target on RingCentral in a report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $43.00.

RingCentral Stock Down 1.6%

RingCentral stock opened at $41.11 on Friday. The stock has a market cap of $3.45 billion, a P/E ratio of 43.73, a P/E/G ratio of 1.22 and a beta of 1.14. RingCentral, Inc. has a twelve month low of $23.59 and a twelve month high of $49.85. The company's 50-day moving average price is $40.42 and its two-hundred day moving average price is $36.36.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $1.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.03. RingCentral had a negative return on equity of 33.75% and a net margin of 3.31%.The company had revenue of $644.20 million during the quarter, compared to analysts' expectations of $642.73 million. During the same quarter in the previous year, the company posted $1.00 earnings per share. The business's revenue was up 5.3% on a year-over-year basis. RingCentral has set its FY 2026 guidance at 4.850-5.010 EPS and its Q2 2026 guidance at 1.150-1.170 EPS. Equities analysts anticipate that RingCentral, Inc. will post 2.78 earnings per share for the current fiscal year.

RingCentral Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, June 2nd were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Tuesday, June 2nd. RingCentral's dividend payout ratio (DPR) is presently 31.91%.

About RingCentral

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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