IFP Advisors Inc Increases Stock Position in RingCentral, Inc. $RNG

Key Points

• IFP Advisors significantly increased its RingCentral stake by 2,597.9% in the second quarter, ending with 99,068 shares valued at approximately $3.86 million. Institutional investors collectively own 98.61% of the company.
• RingCentral exceeded quarterly expectations, reporting adjusted earnings of $1.22 per share and revenue of $657.01 million, with revenue up 5.9% year over year. The company also raised its quarterly dividend to $0.125 per share.
• Analyst sentiment remains mixed: several firms raised price targets as high as $85, but the overall consensus rating is Hold, with a consensus price target of $56.

IFP Advisors Inc increased its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 2,597.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 99,068 shares of the software maker's stock after purchasing an additional 95,396 shares during the period. IFP Advisors Inc owned approximately 0.12% of RingCentral worth $3,862,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. WealthCollab LLC boosted its position in RingCentral by 59.7% in the first quarter. WealthCollab LLC now owns 693 shares of the software maker's stock worth $26,000 after purchasing an additional 259 shares during the last quarter. Meeder Asset Management Inc. lifted its stake in shares of RingCentral by 127.3% in the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker's stock worth $27,000 after purchasing an additional 410 shares during the period. EverSource Wealth Advisors LLC boosted 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 worth $29,000 after buying an additional 738 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings 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 buying an additional 424 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in RingCentral during the third quarter valued at approximately $30,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insider Activity at RingCentral

In other RingCentral news, Director Robert Theis sold 2,530 shares of the firm's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $40.28, for a total transaction of $101,908.40. Following the completion of the transaction, the director owned 30,834 shares in the company, valued at $1,241,993.52. This trade represents a 7.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy Shenkan sold 1,265 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.59, for a total value of $51,346.35. Following the transaction, the director owned 29,372 shares of the company's stock, valued at $1,192,209.48. This represents a 4.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 46,799 shares of company stock valued at $3,248,018 in the last 90 days. 7.30% of the stock is currently owned by insiders.

RingCentral Price Performance

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

RingCentral stock opened at $68.79 on Friday. RingCentral, Inc. has a 1 year low of $24.14 and a 1 year high of $77.95. The firm's 50 day moving average price is $57.35 and its 200-day moving average price is $45.72. The stock has a market cap of $5.74 billion, a P/E ratio of 55.03, a PEG ratio of 1.20 and a beta of 1.14.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, July 23rd. The software maker reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.16 by $0.06. The firm had revenue of $657.01 million during the quarter, compared to analyst estimates of $650.53 million. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. During the same quarter in the prior year, the business earned $1.06 earnings per share. RingCentral'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. As a group, equities analysts expect that RingCentral, Inc. will post 2.89 EPS for the current year.

RingCentral Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were given a $0.125 dividend. 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 0.7%. The ex-dividend date was Thursday, August 6th. RingCentral's dividend payout ratio (DPR) is presently 40.00%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RNG. Needham & Company LLC lifted their price target on shares of RingCentral from $55.00 to $85.00 and gave the stock a "buy" rating in a research note on Friday, August 28th. Wells Fargo & Company boosted their price objective on RingCentral from $43.00 to $65.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 25th. Royal Bank Of Canada began coverage on shares of RingCentral in a report on Thursday, September 3rd. They issued an "outperform" rating and a $85.00 target price for the company. Oppenheimer raised their target price on shares of RingCentral from $50.00 to $85.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 1st. Finally, Piper Sandler lifted their price target on shares of RingCentral from $40.00 to $43.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Four research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, RingCentral has a consensus 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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