RingCentral (NYSE:RNG) COO Kira Makagon Sells 36,185 Shares

Key Points

• RingCentral COO Kira Makagon sold 36,185 shares for approximately $2.54 million at an average price of $70.11 under a pre-arranged Rule 10b5-1 plan, reducing her holdings by 12.85%.
• RingCentral shares rose 1.7% to $73.66, near their 52-week high of $77.95. The company recently exceeded quarterly earnings and revenue expectations, with revenue up 5.9% year over year.
• The company increased its quarterly dividend to $0.125 per share, while analysts maintained a consensus “Hold” rating and an average price target of $56.

RingCentral, Inc. (NYSE:RNG - Get Free Report) COO Kira Makagon sold 36,185 shares of the business's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $70.11, for a total value of $2,536,930.35. Following the sale, the chief operating officer owned 245,385 shares in the company, valued at approximately $17,203,942.35. The trade was a 12.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

RingCentral Trading Up 1.7%

Shares of RNG traded up $1.23 during midday trading on Wednesday, hitting $73.66. The stock had a trading volume of 1,513,651 shares, compared to its average volume of 1,341,040. The business has a 50-day simple moving average of $59.90 and a two-hundred day simple moving average of $46.75. The firm has a market cap of $6.15 billion, a P/E ratio of 58.93, a price-to-earnings-growth ratio of 1.25 and a beta of 1.14. RingCentral, Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $77.95.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.16 by $0.06. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. The business had revenue of $657.01 million for the quarter, compared to analyst estimates of $650.53 million. During the same quarter in the previous year, the business earned $1.06 earnings per share. The firm'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. On average, analysts expect that RingCentral, Inc. will post 2.89 earnings per share for the current fiscal year.

RingCentral Increases Dividend

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

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were issued a dividend of $0.125 per share. This is a positive change from RingCentral's previous quarterly dividend of $0.07. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Thursday, August 6th. RingCentral's dividend payout ratio is presently 40.00%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Mizuho increased their price objective on RingCentral from $38.00 to $40.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Royal Bank Of Canada assumed coverage on RingCentral in a research note on Thursday, September 3rd. They set an "outperform" rating and a $85.00 target price on the stock. Wells Fargo & Company upped their target price on RingCentral from $43.00 to $65.00 and gave the company an "equal weight" rating in a report on Tuesday, August 25th. Piper Sandler increased their price target on shares of RingCentral from $40.00 to $43.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Finally, 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 report on Friday, August 28th. Four analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $56.00.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC acquired a new position in RingCentral in the 2nd quarter valued at $113,000. IFP Advisors Inc increased its position in RingCentral by 2,597.9% in the 2nd quarter. IFP Advisors Inc now owns 99,068 shares of the software maker's stock worth $3,862,000 after buying an additional 95,396 shares during the period. Baird Financial Group Inc. lifted its holdings in shares of RingCentral by 7.7% during the second quarter. Baird Financial Group Inc. now owns 254,432 shares of the software maker's stock worth $9,918,000 after buying an additional 18,220 shares during the last quarter. Nykredit A S bought a new stake in shares of RingCentral in the second quarter valued at approximately $63,000. Finally, Corient Private Wealth LP boosted its position in shares of RingCentral by 144.3% in the second quarter. Corient Private Wealth LP now owns 250,095 shares of the software maker's stock valued at $9,749,000 after acquiring an additional 147,710 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Company Profile

RingCentral, Inc is a cloud communications and collaboration company that provides business communications software through a subscription-based platform. Its services are designed to help organizations manage voice, messaging, video meetings, team collaboration and other communications across devices and locations.

The company's offerings include RingEX, its unified communications platform; RingCentral Video for online meetings and collaboration; RingCentral Events for virtual and hybrid events; and contact center products, including RingCX.

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