RingCentral, Inc. $RNG Shares Sold by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue cut its RingCentral stake by 42.3% in the third quarter, selling 12,686 shares and retaining 17,328 shares valued at approximately $1.29 million.
• RingCentral reported quarterly revenue of $657.01 million and earnings of $1.22 per share, exceeding analyst expectations; revenue increased 5.9% year over year.
• Shares opened at $81.49, near their 52-week high of $82.21, while analysts maintained a consensus “Hold” rating with an average price target of $56. The company also increased its quarterly dividend to $0.125 per share.

State of Alaska Department of Revenue lessened its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 42.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,328 shares of the software maker's stock after selling 12,686 shares during the period. State of Alaska Department of Revenue's holdings in RingCentral were worth $1,293,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Quantinno Capital Management LP lifted its holdings in shares of RingCentral by 150.4% in the first quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker's stock valued at $73,524,000 after purchasing an additional 1,187,437 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of RingCentral by 8.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,308,949 shares of the software maker's stock worth $48,676,000 after buying an additional 101,002 shares in the last quarter. Bank of New York Mellon Corp raised its position in RingCentral by 28.6% in the 1st quarter. Bank of New York Mellon Corp now owns 585,789 shares of the software maker's stock valued at $21,785,000 after buying an additional 130,418 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in RingCentral in the 1st quarter valued at approximately $13,719,000. Finally, Hillsdale Investment Management Inc. lifted its stake in RingCentral by 0.3% in the 1st quarter. Hillsdale Investment Management Inc. now owns 294,050 shares of the software maker's stock valued at $10,936,000 after acquiring an additional 800 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

RingCentral Stock Performance

Shares of NYSE RNG opened at $81.49 on Wednesday. The stock has a 50 day moving average price of $73.01 and a 200 day moving average price of $53.43. RingCentral, Inc. has a 52 week low of $24.14 and a 52 week high of $82.21. The stock has a market capitalization of $6.81 billion, a PE ratio of 65.19, a price-to-earnings-growth ratio of 1.37 and a beta of 1.10.

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

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. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%. The firm had revenue of $657.01 million during the quarter, compared to the consensus estimate of $650.53 million. During the same period last year, the company earned $1.06 earnings per share. The business's revenue was up 5.9% compared to the same quarter last year. 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, research analysts forecast that RingCentral, Inc. will post 2.89 EPS for the current year.

RingCentral Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were given a $0.1250 dividend. This is a boost from RingCentral's previous quarterly dividend of $0.0750. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.6%. RingCentral's payout ratio is 40.00%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Needham & Company LLC raised their price target on shares of RingCentral from $55.00 to $85.00 and gave the stock a "buy" rating in a research note on Friday, August 28th. Royal Bank Of Canada initiated coverage on shares of RingCentral in a research report on Thursday, September 3rd. They issued an "outperform" rating and a $85.00 price objective on the stock. Weiss Ratings raised shares of RingCentral from a "hold (c)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Oppenheimer increased their target price on shares of RingCentral from $50.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday, September 1st. Finally, Wells Fargo & Company raised their target price on shares of RingCentral from $43.00 to $65.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 25th. Five analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $56.00.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 7,046 shares of the business's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $72.10, for a total transaction of $508,016.60. Following the transaction, the chief financial officer directly owned 146,700 shares in the company, valued at $10,577,070. The trade was a 4.58% decrease in their position. The transaction 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Tarun Arora sold 4,172 shares of the company's stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $70.36, for a total transaction of $293,541.92. Following the completion of the sale, the chief accounting officer directly owned 65,692 shares in the company, valued at approximately $4,622,089.12. The trade was a 5.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 84,625 shares of company stock worth $6,024,953. Corporate insiders own 7.30% of the company's stock.

RingCentral Profile

RingCentral, Inc is a provider of cloud-based business communications and collaboration solutions. Its platform enables organizations to manage business phone services, team messaging, video meetings, contact center operations and other communications through internet-based applications rather than traditional on-premises systems.

The company's offerings include RingEX, a unified communications platform that combines voice, messaging and video; RingCentral Video for online meetings and collaboration; and RingCX, a cloud contact center solution.

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