Corient Private Wealth LP Has $9.75 Million Holdings in RingCentral, Inc. $RNG

Key Points

• Corient Private Wealth increased its RingCentral stake by 144.3% in the second quarter, holding 250,095 shares worth approximately $9.75 million. Institutional investors collectively own 98.61% of the company.
• Analyst sentiment remains mixed, with four Buy ratings and eight Holds; the average price target is $56, while some firms recently raised targets as high as $85.
• RingCentral exceeded quarterly earnings and revenue estimates, reporting $1.22 in EPS and $657.01 million in revenue. The company also raised its quarterly dividend to $0.125, equivalent to a 0.7% annual yield.

Corient Private Wealth LP grew its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 144.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 250,095 shares of the software maker's stock after purchasing an additional 147,710 shares during the quarter. Corient Private Wealth LP owned about 0.30% of RingCentral worth $9,749,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. LSV Asset Management grew its holdings in RingCentral by 142.4% during the 4th quarter. LSV Asset Management now owns 2,871,700 shares of the software maker's stock worth $82,935,000 after acquiring an additional 1,686,900 shares during the period. Quantinno Capital Management LP lifted its stake 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 valued at $73,524,000 after purchasing an additional 1,187,437 shares during the period. Principal Financial Group Inc. acquired a new position in shares of RingCentral in the 1st quarter valued at about $13,719,000. OP Asset Management Ltd bought a new stake in shares of RingCentral during the 1st quarter valued at about $6,892,000. Finally, Insight Wealth Strategies LLC bought a new stake in shares of RingCentral during the 2nd quarter valued at about $6,636,000. 98.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on RNG. Royal Bank Of Canada initiated coverage on RingCentral in a research note on Thursday, September 3rd. They set an "outperform" rating and a $85.00 target price for the company. Oppenheimer boosted their price target on RingCentral from $50.00 to $85.00 and gave the company an "outperform" rating in a research note on Tuesday, September 1st. Rosenblatt Securities restated a "buy" rating and set a $50.00 price target on shares of RingCentral in a report on Friday, July 24th. Mizuho raised their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Finally, Piper Sandler lifted their price objective on shares of RingCentral from $40.00 to $43.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Four analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $56.00.

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

RingCentral Stock Performance

Shares of RingCentral stock opened at $73.66 on Thursday. RingCentral, Inc. has a 52 week low of $24.14 and a 52 week high of $77.95. The stock has a 50 day moving average price of $59.90 and a two-hundred day moving average price of $46.75. The stock has a market capitalization of $6.15 billion, a PE ratio of 58.93, a price-to-earnings-growth ratio of 1.25 and a beta of 1.14.

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, beating the consensus estimate of $1.16 by $0.06. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%.The firm had revenue of $657.01 million during the quarter, compared to the consensus estimate of $650.53 million. During the same quarter in the previous year, the company posted $1.06 earnings per share. The company's quarterly revenue 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. Research analysts forecast that RingCentral, Inc. will post 2.89 EPS for the current year.

RingCentral Increases Dividend

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

Insider Activity

In related news, CAO Tarun Arora sold 4,172 shares of the firm's stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $70.36, for a total value of $293,541.92. Following the transaction, the chief accounting officer owned 65,692 shares of the company's stock, valued at approximately $4,622,089.12. This trade represents a 5.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 RingCentral stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $72.10, for a total value of $508,016.60. Following the transaction, the chief financial officer owned 146,700 shares of the company's stock, valued at $10,577,070. This trade 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. Over the last three months, insiders sold 87,156 shares of company stock valued at $6,078,491. 7.30% of the stock is currently owned by insiders.

RingCentral Company Profile

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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