Sei Investments Co. Has $6.78 Million Position in RingCentral, Inc. $RNG

Key Points

• Sei Investments cut its RingCentral stake by 39.1% in the first quarter, selling 117,288 shares and retaining a $6.78 million position. Institutional investors and hedge funds collectively own 98.61% of the company.
• Analyst sentiment remains cautious, with three Buy ratings and nine Holds producing a consensus Hold rating and an average price target of $44.40.
• RingCentral exceeded quarterly earnings and revenue expectations, reporting $1.22 in EPS and $657.01 million in revenue, while revenue rose 5.9% year over year. The company also increased its quarterly dividend to $0.125 per share from $0.07.

Sei Investments Co. lowered its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 39.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 182,344 shares of the software maker's stock after selling 117,288 shares during the quarter. Sei Investments Co. owned 0.22% of RingCentral worth $6,781,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. WealthCollab LLC boosted its holdings in RingCentral by 59.7% during the first quarter. WealthCollab LLC now owns 693 shares of the software maker's stock valued at $26,000 after purchasing an additional 259 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of RingCentral by 33.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,945 shares of the software maker's stock worth $221,000 after buying an additional 1,475 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of RingCentral by 127.3% during the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker's stock worth $27,000 after buying an additional 410 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of RingCentral by 8.4% during the 1st 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 during the period. Finally, Parallel Advisors LLC boosted its stake in RingCentral by 60.4% in the 1st quarter. Parallel Advisors LLC now owns 3,576 shares of the software maker's stock valued at $133,000 after buying an additional 1,346 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on RNG shares. Jefferies Financial Group reiterated a "hold" rating and issued a $40.00 price target on shares of RingCentral in a research report on Saturday, May 9th. Robert W. Baird set a $45.00 target price on shares of RingCentral in a research note on Friday, May 8th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of RingCentral in a report on Friday, July 17th. Needham & Company LLC reissued a "buy" rating on shares of RingCentral in a report on Monday, July 20th. Finally, Piper Sandler boosted their price target on shares of RingCentral from $40.00 to $43.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $44.40.

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

Insiders Place Their Bets

In other RingCentral 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 transaction, the chief operating officer directly owned 212,724 shares in the company, valued at approximately $9,049,278.96. This trade represents a 7.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert I. Theis sold 2,530 shares of RingCentral stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.28, for a total value of $101,908.40. Following the completion of the sale, the director directly owned 30,834 shares of the company's stock, valued at $1,241,993.52. This trade represents a 7.58% 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. Insiders have sold a total of 38,628 shares of company stock valued at $1,656,201 over the last quarter. Company insiders own 7.30% of the company's stock.

RingCentral Stock Up 2.7%

RingCentral stock opened at $57.14 on Tuesday. The stock has a 50-day simple moving average of $41.99 and a 200 day simple moving average of $37.97. RingCentral, Inc. has a 12-month low of $23.59 and a 12-month high of $58.98. The stock has a market capitalization of $4.77 billion, a price-to-earnings ratio of 45.71, a P/E/G ratio of 0.97 and a beta of 1.14.

RingCentral (NYSE:RNG - Get Free Report) last issued 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. The firm had revenue of $657.01 million for the quarter, compared to analyst estimates of $650.53 million. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. The company's revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.06 EPS. 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 anticipate that RingCentral, Inc. will post 2.88 EPS for the current year.

RingCentral Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be issued a $0.125 dividend. This is an increase from RingCentral's previous quarterly dividend of $0.07. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, August 6th. RingCentral's dividend payout ratio (DPR) is 40.00%.

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.

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.