RingCentral (NYSE:RNG) CFO Sells $110,564.00 in Stock

Key Points

• RingCentral CFO Vaibhav Agarwal sold 1,688 shares at an average price of $65.50, generating $110,564. The Rule 10b5-1 transaction covered tax withholding related to vested equity awards, reducing his ownership by 0.99% to 169,282 shares.
• RingCentral reported quarterly adjusted earnings of $1.22 per share and revenue of $657.01 million, exceeding analyst estimates, while revenue increased 5.9% year over year.
• The company raised its quarterly dividend to $0.125 per share, or $0.50 annually, representing a 0.8% yield. Analysts maintain a consensus “Hold” rating with a $44.40 price target, below the stock’s reported $65.22 trading price.

RingCentral, Inc. (NYSE:RNG - Get Free Report) CFO Vaibhav Agarwal sold 1,688 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $65.50, for a total transaction of $110,564.00. Following the sale, the chief financial officer directly owned 169,282 shares of the company's stock, valued at approximately $11,087,971. This trade represents a 0.99% decrease in their ownership of the stock. The transaction 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Vaibhav Agarwal also recently made the following trade(s):

• On Tuesday, June 2nd, Vaibhav Agarwal sold 7,047 shares of RingCentral stock. The stock was sold at an average price of $46.17, for a total transaction of $325,359.99.
• On Thursday, May 21st, Vaibhav Agarwal sold 4,044 shares of RingCentral stock. The stock was sold at an average price of $42.06, for a total value of $170,090.64.

RingCentral Stock Performance

NYSE:RNG traded up $1.16 during mid-day trading on Tuesday, hitting $65.22. The company had a trading volume of 1,475,742 shares, compared to its average volume of 2,638,840. The firm has a market cap of $5.45 billion, a P/E ratio of 52.18, a P/E/G ratio of 1.12 and a beta of 1.10. RingCentral, Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $68.45. The business's fifty day moving average is $46.44 and its two-hundred day moving average is $40.81.

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

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.06. The business 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%. RingCentral's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter last 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. Equities analysts forecast that RingCentral, Inc. will post 2.88 earnings per share for the current year.

RingCentral Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be given a $0.125 dividend. The ex-dividend date is Thursday, August 6th. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. This is a boost from RingCentral's previous quarterly dividend of $0.07. RingCentral's payout ratio is presently 40.00%.

Institutional Trading of RingCentral

Institutional investors have recently made changes to their positions in the business. Alyeska Investment Group L.P. bought a new stake in RingCentral during the 3rd quarter worth about $53,365,000. LSV Asset Management boosted its stake in shares of RingCentral by 142.4% during the 4th quarter. LSV Asset Management now owns 2,871,700 shares of the software maker's stock worth $82,935,000 after buying an additional 1,686,900 shares during the last quarter. Quantinno Capital Management LP grew its holdings in shares of RingCentral by 150.4% in the 1st quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker's stock valued at $73,524,000 after acquiring an additional 1,187,437 shares in the last quarter. AQR Capital Management LLC increased its position in shares of RingCentral by 35.4% in the fourth quarter. AQR Capital Management LLC now owns 2,003,950 shares of the software maker's stock valued at $57,874,000 after acquiring an additional 523,966 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of RingCentral by 138.6% in the third quarter. Russell Investments Group Ltd. now owns 811,747 shares of the software maker's stock valued at $23,113,000 after acquiring an additional 471,559 shares during the last quarter. Institutional investors own 98.61% of the company's stock.

Analysts Set New Price Targets

RNG has been the topic of a number of research analyst reports. Needham & Company LLC restated a "buy" rating on shares of RingCentral in a report on Monday, July 20th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of RingCentral in a research note on Friday, July 17th. Piper Sandler increased their target price on RingCentral from $40.00 to $43.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Mizuho lifted their price target on RingCentral from $38.00 to $40.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $50.00 price objective on shares of RingCentral in a research report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $44.40.

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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