RingCentral (NYSE:RNG) CFO Sells $170,090.64 in Stock

Key Points

• RingCentral CFO Vaibhav Agarwal sold 4,044 shares on May 21 at an average price of $42.06, totaling about $170,090.64. The filing says the sale was made under a pre-arranged Rule 10b5-1 plan to cover tax withholding obligations tied to vesting equity awards.
• Despite the insider sale, RingCentral shares were trading up 3.2% to $43.57 in Friday midday trading. The stock has ranged between $23.59 and $48.57 over the past 12 months.
• RingCentral recently beat quarterly earnings and revenue estimates, reporting $1.20 EPS on $644.2 million in revenue, and it also announced a quarterly dividend of $0.075 per share. Analysts currently have a consensus rating of Hold with an average price target of $43.00.

RingCentral, Inc. (NYSE:RNG - Get Free Report) CFO Vaibhav Agarwal sold 4,044 shares of the firm's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $42.06, for a total transaction of $170,090.64. Following the completion of the transaction, the chief financial officer directly owned 132,181 shares in the company, valued at approximately $5,559,532.86. The trade was a 2.97% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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 Monday, May 18th, Vaibhav Agarwal sold 2,220 shares of RingCentral stock. The stock was sold at an average price of $40.62, for a total value of $90,176.40.
• On Monday, March 2nd, Vaibhav Agarwal sold 18,680 shares of RingCentral stock. The stock was sold at an average price of $36.33, for a total value of $678,644.40.
• On Monday, February 23rd, Vaibhav Agarwal sold 10,744 shares of RingCentral stock. The shares were sold at an average price of $35.50, for a total value of $381,412.00.

RingCentral Trading Up 3.2%

Shares of NYSE:RNG traded up $1.35 during mid-day trading on Friday, hitting $43.57. 1,022,704 shares of the company traded hands, compared to its average volume of 2,255,352. The stock has a 50-day moving average price of $39.47 and a two-hundred day moving average price of $33.05. RingCentral, Inc. has a 12-month low of $23.59 and a 12-month high of $48.57. The stock has a market cap of $3.66 billion, a P/E ratio of 46.35, a P/E/G ratio of 1.32 and a beta of 1.13.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The software maker reported $1.20 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.03. RingCentral had a negative return on equity of 33.75% and a net margin of 3.31%.The business had revenue of $644.20 million during the quarter, compared to analyst estimates of $642.73 million. During the same period in the prior year, the firm posted $1.00 EPS. RingCentral's quarterly revenue was up 5.3% compared to the same quarter last year. 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, analysts expect that RingCentral, Inc. will post 2.69 earnings per share for the current year.

RingCentral Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Tuesday, June 2nd will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, June 2nd. RingCentral's dividend payout ratio (DPR) is presently 31.91%.

Institutional Trading of RingCentral

Several hedge funds have recently added to or reduced their stakes in RNG. WealthCollab LLC increased its stake in shares of RingCentral by 59.7% during the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker's stock worth $26,000 after purchasing an additional 259 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in RingCentral by 3.1% in the first quarter. Pictet Asset Management Holding SA now owns 11,883 shares of the software maker's stock valued at $442,000 after purchasing an additional 362 shares during the last quarter. Rothschild Investment LLC grew its holdings in RingCentral by 15.8% during the fourth quarter. Rothschild Investment LLC now owns 2,681 shares of the software maker's stock valued at $77,000 after purchasing an additional 366 shares during the period. Sovereign Financial Group Inc. grew its holdings in RingCentral by 4.2% during the first quarter. Sovereign Financial Group Inc. now owns 10,170 shares of the software maker's stock valued at $378,000 after purchasing an additional 409 shares during the period. Finally, Meeder Asset Management Inc. increased its position in RingCentral by 127.3% in the first 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 last quarter. Institutional investors own 98.61% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on RNG. Weiss Ratings raised shares of RingCentral from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, March 2nd. Needham & Company LLC boosted their target price on RingCentral from $36.00 to $55.00 and gave the stock a "buy" rating in a research note on Friday, March 13th. Oppenheimer reaffirmed an "outperform" rating and issued a $50.00 target price on shares of RingCentral in a report on Friday, May 8th. Jefferies Financial Group reaffirmed a "hold" rating and set a $40.00 price target on shares of RingCentral in a research report on Saturday, May 9th. Finally, Rosenblatt Securities lifted their price target on RingCentral from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Three analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $43.00.

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.