RingCentral, Inc. $RNG Holdings Trimmed by Amundi

Key Points

• Amundi cut its RingCentral stake by 89.2% in the first quarter, selling 228,087 shares and retaining 27,655 shares worth approximately $1.03 million. Institutional investors still own 98.61% of the company.
• RingCentral exceeded quarterly expectations, reporting adjusted EPS of $1.22 versus the $1.16 consensus and revenue of $657.01 million, up 5.9% year over year. The company also raised its quarterly dividend to $0.125 per share, or $0.50 annualized.
• Analysts remain cautious, with a consensus “Hold” rating and average price target of $44.40, despite targets ranging from $40 to $50. Shares opened at $62.97, near the 52-week high of $64.68.

Amundi reduced its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 89.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,655 shares of the software maker's stock after selling 228,087 shares during the quarter. Amundi's holdings in RingCentral were worth $1,028,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of RNG. WealthCollab LLC raised its stake in shares of RingCentral by 59.7% during the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker's stock worth $26,000 after purchasing an additional 259 shares in the last quarter. Meeder Asset Management Inc. grew 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 valued at $27,000 after buying an additional 410 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of 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 in the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of RingCentral by 70.5% in the 4th 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. Finally, Harvest Fund Management Co. Ltd acquired a new position in RingCentral in the third quarter worth approximately $30,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insider Buying and Selling

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 value of $722,669.52. Following the completion of the sale, the chief operating officer directly owned 212,724 shares of the company's stock, valued at $9,049,278.96. This represents a 7.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 on 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 sale, the chief accounting officer owned 68,100 shares in the company, valued at $2,928,300. This represents a 5.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 in 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

RingCentral stock opened at $62.97 on Friday. RingCentral, Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $64.68. The firm has a fifty day moving average price of $43.52 and a two-hundred day moving average price of $38.86. The firm has a market cap of $5.26 billion, a price-to-earnings ratio of 50.38, a P/E/G ratio of 1.09 and a beta of 1.10.

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. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%.The business had revenue of $657.01 million for the quarter, compared to analyst estimates of $650.53 million. During the same period in the previous year, the company posted $1.06 earnings per share. The firm'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, sell-side analysts expect that RingCentral, Inc. will post 2.88 earnings per share for the current year.

RingCentral Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from RingCentral's previous quarterly dividend of $0.07. The ex-dividend date is Thursday, August 6th. RingCentral's dividend payout ratio is presently 40.00%.

Analysts Set New Price Targets

RNG has been the topic of several recent research reports. Morgan Stanley raised their price objective on shares of RingCentral from $33.00 to $40.00 and gave the company an "equal weight" rating in a research report on Monday, May 11th. Mizuho increased their price target on shares of RingCentral from $38.00 to $40.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Rosenblatt Securities restated a "buy" rating and set a $50.00 price target on shares of RingCentral in a research note on Friday, July 24th. Piper Sandler raised 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. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of RingCentral in a report on Friday, July 17th. Three analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $44.40.

About RingCentral

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.

Want to see what other hedge funds are holding RNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RingCentral, Inc. (NYSE:RNG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source