Y Intercept Hong Kong Ltd Has $579,000 Stock Position in RingCentral, Inc. $RNG

Key Points

• Y Intercept Hong Kong Ltd cut its RingCentral stake by 70.7% in the first quarter, leaving it with 15,573 shares valued at about $579,000.
• RingCentral reported better-than-expected Q1 results, posting EPS of $1.20 versus estimates of $1.17 and revenue of $644.2 million, up 5.3% year over year.
• Wall Street remains cautious on the stock: analysts’ consensus rating is “Hold” with an average price target of $43, while insiders have also recently sold shares through pre-arranged trading plans.

Y Intercept Hong Kong Ltd reduced its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 70.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,573 shares of the software maker's stock after selling 37,626 shares during the period. Y Intercept Hong Kong Ltd's holdings in RingCentral were worth $579,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Alyeska Investment Group L.P. acquired a new position in shares of RingCentral in the 3rd quarter valued at about $53,365,000. LSV Asset Management lifted its position in shares of RingCentral by 142.4% in the fourth quarter. LSV Asset Management now owns 2,871,700 shares of the software maker's stock worth $82,935,000 after purchasing an additional 1,686,900 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of RingCentral by 35.4% during the fourth quarter. AQR Capital Management LLC now owns 2,003,950 shares of the software maker's stock worth $57,874,000 after purchasing an additional 523,966 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of RingCentral by 138.6% during the third quarter. Russell Investments Group Ltd. now owns 811,747 shares of the software maker's stock worth $23,113,000 after purchasing an additional 471,559 shares during the period. Finally, Two Sigma Investments LP grew its position in RingCentral by 130.5% during the third quarter. Two Sigma Investments LP now owns 490,255 shares of the software maker's stock valued at $13,894,000 after purchasing an additional 277,577 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Stock Performance

NYSE:RNG opened at $42.09 on Tuesday. The stock's 50 day moving average price is $40.82 and its 200 day moving average price is $36.07. RingCentral, Inc. has a 52 week low of $23.59 and a 52 week high of $49.85. The company has a market capitalization of $3.53 billion, a P/E ratio of 44.77, a P/E/G ratio of 1.23 and a beta of 1.14.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, May 7th. The software maker reported $1.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.17 by $0.03. The firm had revenue of $644.20 million during the quarter, compared to analysts' expectations of $642.73 million. RingCentral had a net margin of 3.31% and a negative return on equity of 33.75%. The company's revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company 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, sell-side analysts forecast that RingCentral, Inc. will post 2.78 earnings per share for the current fiscal year.

RingCentral Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, June 2nd were issued a dividend of $0.075 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.7%. RingCentral's dividend payout ratio (DPR) is currently 31.91%.

Analysts Set New Price Targets

RNG has been the topic of several research reports. Robert W. Baird set a $45.00 price objective on shares of RingCentral in a research note on Friday, May 8th. Oppenheimer restated an "outperform" rating and set a $50.00 price target on shares of RingCentral in a report on Friday, May 8th. Wells Fargo & Company upped their price target on shares of RingCentral from $32.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Jefferies Financial Group reiterated a "hold" rating and set a $40.00 price objective on shares of RingCentral in a report on Saturday, May 9th. Finally, Rosenblatt Securities lifted their price objective on RingCentral from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Friday, May 8th. 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.com, the stock currently has a consensus rating of "Hold" and an average target price of $43.00.

Insiders Place Their Bets

In other RingCentral news, Director Amy Guggenheim Shenkan sold 1,265 shares of the firm's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.59, for a total transaction of $51,346.35. Following the transaction, the director directly owned 29,372 shares in the company, valued at $1,192,209.48. This trade represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert I. Theis sold 2,530 shares of the firm's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.28, for a total value of $101,908.40. Following the transaction, the director owned 30,834 shares in the company, valued at approximately $1,241,993.52. This trade represents a 7.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 45,451 shares of company stock worth $1,933,565 in the last 90 days. 7.30% of the stock is owned by corporate insiders.

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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