Insight Wealth Strategies LLC Takes $6.64 Million Position in RingCentral, Inc. $RNG

Key Points

• Insight Wealth Strategies acquired 161,892 RingCentral shares worth approximately $6.64 million, giving it a 0.19% stake. Institutional investors collectively own 98.61% of the company.
• RingCentral exceeded quarterly expectations, reporting $1.22 in EPS versus a $1.16 consensus estimate and $657.01 million in revenue. The company also increased its quarterly dividend to $0.125 per share, equivalent to a 0.8% yield.
• Despite the stock trading near its 52-week high at $63.41, analysts maintain a consensus “Hold” rating with an average price target of $44.40, well below the current price.

Insight Wealth Strategies LLC bought a new position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 161,892 shares of the software maker's stock, valued at approximately $6,636,000. Insight Wealth Strategies LLC owned 0.19% of RingCentral as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. WealthCollab LLC increased its stake in shares of RingCentral by 59.7% during the first quarter. WealthCollab LLC now owns 693 shares of the software maker's stock valued at $26,000 after purchasing an additional 259 shares in the last quarter. Meeder Asset Management Inc. lifted its stake in RingCentral by 127.3% during the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker's stock valued at $27,000 after acquiring an additional 410 shares during the period. EverSource Wealth Advisors LLC lifted its stake in RingCentral by 269.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker's stock valued at $29,000 after acquiring an additional 738 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in shares of RingCentral by 70.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker's stock valued at $30,000 after acquiring an additional 424 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of RingCentral in the third quarter worth approximately $30,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

RingCentral Stock Performance

NYSE RNG opened at $63.41 on Wednesday. The stock has a 50 day moving average price of $44.17 and a 200-day moving average price of $39.48. RingCentral, Inc. has a one year low of $24.14 and a one year high of $64.95. The company has a market capitalization of $5.30 billion, a P/E ratio of 50.73, a P/E/G ratio of 1.11 and a beta of 1.10.

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

RingCentral (NYSE:RNG - Get Free Report) last posted 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 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%. RingCentral's quarterly revenue was up 5.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.06 earnings per share. 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 predict that RingCentral, Inc. will post 2.88 EPS for the current fiscal year.

RingCentral Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be issued a $0.125 dividend. 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. This represents a $0.50 annualized dividend and a yield of 0.8%. RingCentral's dividend payout ratio is currently 40.00%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Weiss Ratings restated a "hold (c)" rating on shares of RingCentral in a report on Friday, July 17th. Piper Sandler lifted their price objective on RingCentral from $40.00 to $43.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Morgan Stanley increased their target price on RingCentral from $33.00 to $40.00 and gave the company an "equal weight" rating in a report on Monday, May 11th. Mizuho upped their price target on shares of RingCentral from $38.00 to $40.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Finally, Robert W. Baird set a $45.00 price objective on shares of RingCentral in a report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, RingCentral currently has an average rating of "Hold" and a consensus price target of $44.40.

Insider Activity

In other RingCentral news, COO Kira Makagon sold 16,988 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $42.54, for a total transaction of $722,669.52. Following the transaction, the chief operating officer directly owned 212,724 shares of the company's stock, valued at $9,049,278.96. This trade represents a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Tarun Arora sold 3,615 shares of the firm's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $43.00, for a total transaction of $155,445.00. Following the completion of the transaction, the chief accounting officer directly owned 68,100 shares in the company, valued at approximately $2,928,300. This represents a 5.04% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 38,628 shares of company stock valued at $1,656,201 over the last 90 days. Company insiders own 7.30% of the company's stock.

RingCentral 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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