RingCentral, Inc. $RNG Stock: Inscription Capital LLC Decreases Holdings

Key Points

• Inscription Capital cut its RingCentral stake by 59.6% in the third quarter, selling 14,575 shares and ending the period with 9,885 shares valued at about $738,000. Other institutional investors made mixed moves, and institutions collectively owned 98.61% of the stock.
• RingCentral beat quarterly expectations, reporting EPS of $1.33 versus $1.28 expected and revenue of $676.04 million versus $667.30 million expected; revenue rose 5.8% year over year.
• Analysts’ consensus rating was “Hold,” with an average price target of $93.92. Shares traded at $72.01 in the article, and the company declared a quarterly dividend of $0.125 per share.

Inscription Capital LLC lowered its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 59.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,885 shares of the software maker's stock after selling 14,575 shares during the quarter. Inscription Capital LLC's holdings in RingCentral were worth $738,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC lifted its position in RingCentral by 4.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 10,310 shares of the software maker's stock worth $770,000 after acquiring an additional 483 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in RingCentral during the 3rd quarter worth $653,000. Vise Technologies Inc. grew its holdings in RingCentral by 206.6% during the 3rd quarter. Vise Technologies Inc. now owns 18,234 shares of the software maker's stock worth $1,362,000 after acquiring an additional 12,286 shares in the last quarter. Choreo LLC increased its position in shares of RingCentral by 5.2% in the 3rd quarter. Choreo LLC now owns 11,759 shares of the software maker's stock worth $878,000 after purchasing an additional 578 shares during the last quarter. Finally, Interchange Capital Partners LLC increased its position in shares of RingCentral by 2.6% in the 3rd quarter. Interchange Capital Partners LLC now owns 5,479 shares of the software maker's stock worth $409,000 after purchasing an additional 137 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Wall Street Analyst Weigh In

RNG has been the topic of several research analyst reports. Mizuho set a $85.00 price target on shares of RingCentral in a research report on Friday, October 23rd. Rosenblatt Securities upped their price objective on RingCentral from $80.00 to $105.00 and gave the company a "buy" rating in a research note on Monday, October 26th. UBS Group set a $91.00 target price on RingCentral in a report on Friday, October 23rd. Evercore set a $90.00 target price on RingCentral in a research report on Friday, October 23rd. Finally, Weiss Ratings upgraded RingCentral from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, October 26th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, RingCentral has an average rating of "Hold" and a consensus price target of $93.92.

RingCentral Price Performance

Shares of NYSE RNG traded down $2.32 during trading hours on Friday, reaching $72.01. The stock had a trading volume of 1,698,684 shares, compared to its average volume of 1,725,409. RingCentral, Inc. has a twelve month low of $24.14 and a twelve month high of $98.14. The business's fifty day moving average is $76.70 and its two-hundred day moving average is $50.35. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 9.53, a PEG ratio of 1.31 and a beta of 1.05.

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

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, October 22nd. The software maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.05. The business had revenue of $676.04 million for the quarter, compared to analyst estimates of $667.30 million. RingCentral had a net margin of 25.27% and a negative return on equity of 50.15%. The firm's revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.13 EPS. Sell-side analysts forecast that RingCentral, Inc. will post 2.96 earnings per share for the current fiscal year.

RingCentral Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be issued a $0.1250 dividend. The ex-dividend date is Friday, November 6th. This represents a $0.50 annualized dividend and a yield of 0.7%. RingCentral's dividend payout ratio (DPR) is currently 6.61%.

Insider Transactions at RingCentral

In other RingCentral news, CAO Tarun Arora sold 4,172 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $70.36, for a total value of $293,541.92. Following the completion of the sale, the chief accounting officer directly owned 65,692 shares in the company, valued at $4,622,089.12. This represents a 5.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,046 shares of RingCentral stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $72.10, for a total transaction of $508,016.60. Following the completion of the transaction, the chief financial officer directly owned 146,700 shares in the company, valued at approximately $10,577,070. The trade was a 4.58% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 84,625 shares of company stock valued at $6,024,953. 7.30% of the stock is currently owned by insiders.

About RingCentral

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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