RingCentral, Inc. $RNG Holdings Reduced by Fort Washington Investment Advisors Inc. OH

Key Points

• Fort Washington Investment Advisors cut its RingCentral position by 54.4% in the third quarter, selling 387,679 shares and retaining 325,264 shares valued at approximately $24.3 million. Institutional investors collectively own 98.61% of the company.
• Analyst sentiment remains mixed: five analysts rate RingCentral a Buy and seven rate it a Hold, resulting in a consensus Hold rating and a $56 price target, below the stock’s recent $79.82 price.
• RingCentral exceeded quarterly earnings and revenue expectations, reporting $1.22 in EPS and $657.01 million in revenue, while raising its quarterly dividend to $0.125 per share from $0.075.

Fort Washington Investment Advisors Inc. OH lowered its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 54.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 325,264 shares of the software maker's stock after selling 387,679 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned about 0.39% of RingCentral worth $24,297,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in RNG. Quantinno Capital Management LP boosted its position in shares of RingCentral by 150.4% during the first quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker's stock worth $73,524,000 after buying an additional 1,187,437 shares during the period. Principal Financial Group Inc. bought a new position in RingCentral in the 1st quarter worth approximately $13,719,000. OP Asset Management Ltd acquired a new stake in RingCentral in the 1st quarter valued at approximately $6,892,000. Insight Wealth Strategies LLC acquired a new stake in RingCentral in the 2nd quarter valued at approximately $6,636,000. Finally, Corient Private Wealth LP raised its stake in RingCentral by 144.3% during the 2nd quarter. Corient Private Wealth LP now owns 250,095 shares of the software maker's stock valued at $9,749,000 after acquiring an additional 147,710 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

Insider Activity

In other RingCentral news, CFO Vaibhav Agarwal sold 7,046 shares of the company's 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 completion of the sale, the chief financial officer directly owned 146,700 shares of the company's stock, valued at approximately $10,577,070. This represents a 4.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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, Director Amy Shenkan sold 1,264 shares of the firm's stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $78.89, for a total transaction of $99,716.96. Following the transaction, the director owned 28,108 shares of the company's stock, valued at approximately $2,217,440.12. This trade represents a 4.30% 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 sold 84,625 shares of company stock valued at $6,024,953 over the last quarter. Insiders own 7.30% of the company's stock.

Analysts Set New Price Targets

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

A number of research analysts have issued reports on RNG shares. Wells Fargo & Company boosted their price target on RingCentral from $43.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 25th. Mizuho increased their price target on RingCentral from $38.00 to $40.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Rosenblatt Securities reissued a "buy" rating and set a $50.00 price target on shares of RingCentral in a report on Friday, July 24th. Needham & Company LLC lifted their price objective on shares of RingCentral from $55.00 to $85.00 and gave the company a "buy" rating in a research note on Friday, August 28th. Finally, Royal Bank Of Canada started coverage on shares of RingCentral in a research note on Thursday, September 3rd. They set an "outperform" rating and a $85.00 price objective on the stock. Five investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $56.00.

RingCentral Stock Performance

Shares of NYSE RNG opened at $79.82 on Friday. RingCentral, Inc. has a 1 year low of $24.14 and a 1 year high of $81.90. The firm has a market cap of $6.67 billion, a P/E ratio of 63.85, a PEG ratio of 1.30 and a beta of 1.10. The stock has a fifty day moving average price of $72.09 and a two-hundred day moving average price of $52.55.

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 analysts' consensus estimates of $1.16 by $0.06. The company had revenue of $657.01 million for the quarter, compared to the consensus estimate of $650.53 million. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%. The company's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $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, research analysts predict that RingCentral, Inc. will post 2.89 earnings per share for the current fiscal 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 issued a dividend of $0.1250 per share. The ex-dividend date of this dividend was Thursday, August 6th. This is an increase from RingCentral's previous quarterly dividend of $0.0750. This represents a $0.50 dividend on an annualized basis and a yield of 0.6%. RingCentral's dividend payout ratio is presently 40.00%.

About RingCentral

RingCentral, Inc provides cloud-based business communications and collaboration solutions. Its platform helps organizations manage voice communications, team messaging, video meetings, contact center operations and customer interactions through internet-based services rather than traditional on-premises systems.

The company's offerings include RingCentral RingEX, a unified communications platform combining business phone service, messaging and video; RingCentral Video for meetings and collaboration; and RingCentral Contact Center, which supports customer service operations across voice and digital channels.

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