RingCentral, Inc. $RNG Shares Sold by Fort Washington Investment Advisors Inc. OH

Key Points

• Fort Washington Investment Advisors cut its RingCentral stake by 42% in the first quarter, selling 553,170 shares and leaving it with 763,428 shares worth about $28.4 million.
• RingCentral beat Wall Street expectations in its latest quarter, reporting $1.20 EPS on revenue of $644.2 million, with revenue up 5.3% year over year.
• Insider selling and analyst sentiment were mixed: executives sold shares in recent weeks, while analysts currently have a Hold consensus on the stock with a $43 average price target.

Fort Washington Investment Advisors Inc. OH reduced its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 42.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 763,428 shares of the software maker's stock after selling 553,170 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned about 0.88% of RingCentral worth $28,392,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of RNG. Pictet Asset Management Holding SA grew its position in RingCentral by 3.1% in the 1st quarter. Pictet Asset Management Holding SA now owns 11,883 shares of the software maker's stock valued at $442,000 after buying an additional 362 shares in the last quarter. Sterling Capital Management LLC raised its position in shares of RingCentral by 474.4% during the 1st quarter. Sterling Capital Management LLC now owns 65,846 shares of the software maker's stock worth $2,449,000 after buying an additional 54,383 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of RingCentral in the 1st quarter worth approximately $306,000. Pinnacle Wealth Management Advisory Group LLC lifted its stake in shares of RingCentral by 56.8% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 15,444 shares of the software maker's stock worth $574,000 after acquiring an additional 5,594 shares during the period. Finally, Aaron Wealth Advisors LLC boosted its holdings in shares of RingCentral by 111.4% in the first quarter. Aaron Wealth Advisors LLC now owns 17,991 shares of the software maker's stock valued at $669,000 after acquiring an additional 9,481 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

RingCentral Price Performance

Shares of RNG opened at $36.96 on Monday. The firm's 50 day moving average is $40.81 and its 200-day moving average is $35.27. RingCentral, Inc. has a 12-month low of $23.59 and a 12-month high of $49.85. The stock has a market capitalization of $3.10 billion, a P/E ratio of 39.32, a P/E/G ratio of 1.09 and a beta of 1.14.

RingCentral (NYSE:RNG - Get Free Report) last released its earnings results on Thursday, May 7th. The software maker reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03. The business had revenue of $644.20 million during the quarter, compared to analyst estimates of $642.73 million. RingCentral had a net margin of 3.31% and a negative return on equity of 33.75%. The business's quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.00 earnings per share. RingCentral has set its FY 2026 guidance at 4.850-5.010 EPS and its Q2 2026 guidance at 1.150-1.170 EPS. As a group, equities research analysts forecast that RingCentral, Inc. will post 2.79 EPS for the current fiscal year.

RingCentral Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, June 2nd were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.30 annualized dividend and a dividend yield of 0.8%. RingCentral's dividend payout ratio (DPR) is currently 31.91%.

Insider Transactions at RingCentral

In related news, COO Kira Makagon sold 16,988 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $42.54, for a total value of $722,669.52. Following the completion of the transaction, the chief operating officer owned 212,724 shares in the company, valued at $9,049,278.96. This trade represents a 7.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Tarun Arora sold 3,615 shares of RingCentral stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $43.00, for a total value of $155,445.00. Following the completion of the transaction, the chief accounting officer directly owned 68,100 shares in the company, valued at $2,928,300. This represents a 5.04% decrease in their position. 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 a total of 41,656 shares of company stock valued at $1,780,310 in the last three months. 7.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Jefferies Financial Group reissued a "hold" rating and set a $40.00 target price on shares of RingCentral in a report on Saturday, May 9th. Rosenblatt Securities increased their price target on RingCentral from $45.00 to $50.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Zacks Research upgraded RingCentral from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. Robert W. Baird set a $45.00 price objective on RingCentral in a research note on Friday, May 8th. Finally, Needham & Company LLC upped their price objective on RingCentral from $36.00 to $55.00 and gave the company a "buy" rating in a report on Friday, March 13th. Three equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $43.00.

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.

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