RingCentral (NYSE:RNG) Director Sells $99,716.96 in Stock

Key Points

• Director Amy Shenkan sold 1,264 RingCentral shares for approximately $99,717 under a pre-arranged Rule 10b5-1 trading plan, reducing her holdings by 4.3% to 28,108 shares.
• RingCentral shares traded around $77.30, near their 12-month high of $81.90, while the company reported quarterly EPS and revenue above analyst estimates and revenue growth of 5.9% year over year.
• The company increased its quarterly dividend to $0.125 per share, or $0.50 annually, although analysts maintain a consensus “Hold” rating with an average price target of $56.

RingCentral, Inc. (NYSE:RNG - Get Free Report) Director Amy Shenkan sold 1,264 shares of the company's stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $78.89, for a total transaction of $99,716.96. Following the sale, the director owned 28,108 shares in the company, valued at $2,217,440.12. The trade was a 4.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

RingCentral Stock Performance

RingCentral stock traded down $1.76 during mid-day trading on Tuesday, reaching $77.30. The company's stock had a trading volume of 1,170,349 shares, compared to its average volume of 2,014,482. The firm's fifty day moving average price is $68.92 and its two-hundred day moving average price is $50.24. RingCentral, Inc. has a 12-month low of $24.14 and a 12-month high of $81.90. The company has a market capitalization of $6.46 billion, a P/E ratio of 61.84, a PEG ratio of 1.36 and a beta of 1.10.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, July 23rd. The software maker reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.06. The firm had revenue of $657.01 million for the quarter, compared to the consensus estimate of $650.53 million. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%.The business's quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.06 earnings per share. 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, research analysts predict that RingCentral, Inc. will post 2.89 EPS for the current fiscal year.

RingCentral Increases Dividend

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

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on RNG shares. Wells Fargo & Company increased their price target on shares of RingCentral from $43.00 to $65.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 25th. Rosenblatt Securities reiterated a "buy" rating and issued a $50.00 target price on shares of RingCentral in a research note on Friday, July 24th. Oppenheimer raised their price target on shares of RingCentral from $50.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday, September 1st. Mizuho boosted their price target on shares of RingCentral from $38.00 to $40.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Finally, Piper Sandler lifted their price objective on RingCentral from $40.00 to $43.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Four investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $56.00.

Institutional Investors Weigh In On RingCentral

A number of large investors have recently added to or reduced their stakes in the company. Quantinno Capital Management LP lifted its position in RingCentral by 150.4% in the 1st quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker's stock worth $73,524,000 after buying an additional 1,187,437 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of RingCentral by 8.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,308,949 shares of the software maker's stock worth $48,676,000 after acquiring an additional 101,002 shares during the last quarter. Invenomic Capital Management LP boosted its stake in shares of RingCentral by 3.7% in the 4th quarter. Invenomic Capital Management LP now owns 1,538,034 shares of the software maker's stock valued at $44,418,000 after purchasing an additional 55,587 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of 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 purchasing an additional 130,418 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new position in shares of RingCentral during the 1st quarter valued at $13,719,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

About RingCentral

RingCentral, Inc provides cloud-based business communications and collaboration solutions. Its platform helps organizations manage voice communications, team messaging, video meetings, contact center operations and customer interactions through internet-based services rather than traditional on-premises systems.

The company's offerings include RingCentral RingEX, a unified communications platform combining business phone service, messaging and video; RingCentral Video for meetings and collaboration; and RingCentral Contact Center, which supports customer service operations across voice and digital channels.

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