RingCentral, Inc. $RNG Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its RingCentral stake by 6.2% in the first quarter, selling 33,556 shares and retaining 510,848 shares worth about $19 million. Institutional investors and hedge funds collectively own 98.61% of RNG.
• RingCentral reported quarterly revenue of $657.01 million, up 5.9% year over year, and earnings of $1.22 per share, exceeding analyst expectations. Shares opened at $66.07, near their 52-week high of $68.45, while analysts maintain a consensus “Hold” rating.
• The company increased its quarterly dividend to $0.125 per share from $0.07, equating to a $0.50 annualized dividend and a 0.8% yield. Insiders sold $1.51 million of stock during the latest quarter, primarily through pre-arranged plans to cover tax obligations.

Bank of America Corp DE cut its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 6.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 510,848 shares of the software maker's stock after selling 33,556 shares during the quarter. Bank of America Corp DE owned 0.61% of RingCentral worth $18,998,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RNG. WealthCollab LLC increased its position in shares of RingCentral by 59.7% in the first quarter. WealthCollab LLC now owns 693 shares of the software maker's stock worth $26,000 after acquiring an additional 259 shares in the last quarter. Meeder Asset Management Inc. lifted its position 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 acquiring an additional 410 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in RingCentral by 269.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker's stock worth $29,000 after purchasing an additional 738 shares during the period. Rockefeller Capital Management L.P. grew its position in RingCentral by 70.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker's stock worth $30,000 after purchasing an additional 424 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in RingCentral during the 3rd quarter worth approximately $30,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at RingCentral

In other news, CAO Tarun Arora sold 3,615 shares of RingCentral stock in a transaction that occurred 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 sale, the chief accounting officer owned 68,100 shares of the company's stock, valued at approximately $2,928,300. This trade represents a 5.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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, CFO Vaibhav Agarwal sold 1,688 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $65.50, for a total value of $110,564.00. Following the sale, the chief financial officer owned 169,282 shares in the company, valued at approximately $11,087,971. This represents a 0.99% 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 34,052 shares of company stock valued at $1,506,498 over the last quarter. Company insiders own 7.30% of the company's stock.

RingCentral Stock Performance

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

Shares of NYSE RNG opened at $66.07 on Thursday. RingCentral, Inc. has a 52 week low of $24.14 and a 52 week high of $68.45. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of 52.85, a P/E/G ratio of 1.13 and a beta of 1.10. The business's 50-day simple moving average is $46.99 and its 200-day simple moving average is $41.10.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data 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. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. The business had revenue of $657.01 million during the quarter, compared to analysts' expectations of $650.53 million. During the same period in the previous year, the company 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 research analysts forecast that RingCentral, Inc. will post 2.88 earnings per share for the current year.

RingCentral Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be paid a $0.125 dividend. The ex-dividend date is Thursday, August 6th. This is a boost from RingCentral's previous quarterly dividend of $0.07. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. RingCentral's dividend payout ratio is 40.00%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RNG. Piper Sandler increased their target price on RingCentral from $40.00 to $43.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Needham & Company LLC reiterated a "buy" rating on shares of RingCentral in a report on Monday, July 20th. Oppenheimer reissued an "outperform" rating and set a $50.00 price target on shares of RingCentral in a research report on Friday, May 8th. Weiss Ratings restated a "hold (c)" rating on shares of RingCentral in a research report on Friday, July 17th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $40.00 target price on shares of RingCentral in a research note on Saturday, May 9th. Three equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $44.40.

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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