Readystate Asset Management LP Makes New $907,000 Investment in RingCentral, Inc. $RNG

Key Points

• Readystate Asset Management initiated a $907,000 position in RingCentral during the second quarter, buying 23,271 shares. Institutional investors collectively own 98.61% of the company.
• Analyst sentiment remains mixed: RingCentral has a consensus “Hold” rating and a $56 average price target, although price targets range from $40 to $85.
• RingCentral exceeded quarterly expectations with $1.22 in earnings per share and $657.01 million in revenue, while revenue grew 5.9% year over year. The company also raised its quarterly dividend to $0.125 per share.

Readystate Asset Management LP purchased a new position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,271 shares of the software maker's stock, valued at approximately $907,000.

Several other hedge funds and other institutional investors have also made changes to their positions in RNG. WealthCollab LLC increased its stake in RingCentral by 59.7% during the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker's stock worth $26,000 after buying an additional 259 shares during the period. Meeder Asset Management Inc. boosted its position in RingCentral by 127.3% in the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker's stock valued at $27,000 after buying an additional 410 shares during the period. EverSource Wealth Advisors LLC boosted its position in 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 buying an additional 738 shares during the period. Rockefeller Capital Management L.P. grew its stake 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 acquiring an additional 424 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of RingCentral during the third quarter worth $30,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on RNG shares. Weiss Ratings reiterated a "hold (c)" rating on shares of RingCentral in a research note on Friday, July 17th. Mizuho upped their price target on RingCentral from $38.00 to $40.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Morgan Stanley increased their price target on RingCentral from $33.00 to $40.00 and gave the company an "equal weight" rating in a research report on Monday, May 11th. Rosenblatt Securities reiterated a "buy" rating and issued a $50.00 price objective on shares of RingCentral in a research note on Friday, July 24th. Finally, Royal Bank Of Canada began coverage on RingCentral in a research report on Thursday. They set an "outperform" rating and a $85.00 price objective for the company. Four analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, RingCentral presently has a consensus rating of "Hold" and a consensus price target of $56.00.

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

Insider Activity

In other RingCentral news, Director Robert I. Theis sold 2,530 shares of the firm's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.28, for a total transaction of $101,908.40. Following the sale, the director owned 30,834 shares of the company's stock, valued at approximately $1,241,993.52. This trade represents a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,046 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $72.10, for a total transaction of $508,016.60. Following the sale, the chief financial officer owned 146,700 shares of the company's stock, valued at $10,577,070. This 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. Insiders have sold 46,799 shares of company stock valued at $3,248,018 over the last 90 days. Insiders own 7.30% of the company's stock.

RingCentral Trading Down 0.1%

Shares of RNG stock opened at $73.32 on Tuesday. The firm has a fifty day moving average price of $55.57 and a 200 day moving average price of $44.94. The company has a market cap of $6.12 billion, a P/E ratio of 58.66, a PEG ratio of 1.27 and a beta of 1.14. RingCentral, Inc. has a 12 month low of $24.14 and a 12 month high of $77.95.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.06. The company had revenue of $657.01 million for the quarter, compared to analysts' expectations of $650.53 million. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%.RingCentral's quarterly revenue was up 5.9% on a year-over-year basis. During the same period last 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. On average, equities analysts forecast that RingCentral, Inc. will post 2.89 EPS for the current year.

RingCentral Increases Dividend

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

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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