Dimensional Fund Advisors LP Has $48.68 Million Stake in RingCentral, Inc. $RNG

Key Points

• Dimensional Fund Advisors increased its RingCentral stake by 8.4% in the first quarter to 1.31 million shares, valued at approximately $48.7 million. Institutional investors collectively own 98.61% of the company.
• RingCentral exceeded quarterly expectations, reporting $1.22 in earnings per share versus the $1.16 consensus and $657.0 million in revenue, up 5.9% year over year. The company also raised its quarterly dividend to $0.125 per share.
• Analysts maintain a broadly neutral view, with an average rating of Hold and a consensus price target of $44.40. Meanwhile, insiders sold 38,628 shares worth about $1.66 million over the past 90 days.

Dimensional Fund Advisors LP boosted its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 8.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,308,949 shares of the software maker's stock after acquiring an additional 101,002 shares during the quarter. Dimensional Fund Advisors LP owned 1.51% of RingCentral worth $48,676,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its position in shares of RingCentral by 269.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker's stock worth $29,000 after purchasing an additional 738 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in RingCentral by 70.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker's stock valued at $30,000 after buying an additional 424 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in RingCentral during the third quarter worth about $30,000. Global Retirement Partners LLC increased its holdings in shares of 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 in the last quarter. Finally, SJS Investment Consulting Inc. raised its stake in shares of RingCentral by 598.3% in the first quarter. SJS Investment Consulting Inc. now owns 1,222 shares of the software maker's stock valued at $45,000 after acquiring an additional 1,047 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

Insider Buying and Selling at RingCentral

In other news, CFO Vaibhav Agarwal sold 7,047 shares of the company's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $46.17, for a total transaction of $325,359.99. Following the transaction, the chief financial officer owned 169,282 shares of the company's stock, valued at $7,815,749.94. This represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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, COO Kira Makagon sold 16,988 shares of the firm's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $42.54, for a total value of $722,669.52. Following the completion of the transaction, the chief operating officer owned 212,724 shares in the company, valued at approximately $9,049,278.96. This represents a 7.40% 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 have sold a total of 38,628 shares of company stock valued at $1,656,201 over the last ninety days. Company insiders own 7.30% of the company's stock.

RingCentral Price Performance

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

Shares of RingCentral stock opened at $55.77 on Monday. The firm has a market cap of $4.66 billion, a P/E ratio of 44.62, a P/E/G ratio of 0.97 and a beta of 1.10. The firm has a 50 day simple moving average of $41.71 and a 200 day simple moving average of $37.77. RingCentral, Inc. has a fifty-two week low of $23.59 and a fifty-two week high of $58.98.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.06. The firm had revenue of $657.01 million during the quarter, compared to analysts' expectations of $650.53 million. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. RingCentral's revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the company 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. On average, sell-side analysts expect that RingCentral, Inc. will post 2.88 EPS for the current year.

RingCentral Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be given a dividend of $0.125 per share. The ex-dividend date is Thursday, August 6th. 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 0.9%. RingCentral's dividend payout ratio is presently 24.00%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Weiss Ratings restated a "hold (c)" rating on shares of RingCentral in a research report on Friday, July 17th. Morgan Stanley lifted their price objective on RingCentral from $33.00 to $40.00 and gave the company an "equal weight" rating in a research report on Monday, May 11th. Jefferies Financial Group reissued a "hold" rating and issued a $40.00 price objective on shares of RingCentral in a research note on Saturday, May 9th. Wells Fargo & Company increased 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. Finally, Mizuho raised their target price on RingCentral from $38.00 to $40.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Three analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $44.40.

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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