Tarun Arora Sells 1,876 Shares of RingCentral (NYSE:RNG) Stock

Key Points

• RingCentral CAO Tarun Arora sold 1,876 shares at an average price of $65.26, totaling $122,427.76. The Rule 10b5-1 sale was intended to cover tax withholding on vested equity awards, reducing his holdings by 2.28% to 80,384 shares.
• RingCentral shares rose 0.1% to $67.07, near the company’s 12-month high of $68.45. The stock has a $5.60 billion market capitalization and trades at a price-to-earnings ratio of 53.66.
• The company beat quarterly earnings and revenue expectations, reporting $1.22 in EPS and $657.01 million in revenue, while increasing its quarterly dividend to $0.125 per share. Analysts maintain a consensus “Hold” rating with a $44.40 average price target.

RingCentral, Inc. (NYSE:RNG - Get Free Report) CAO Tarun Arora sold 1,876 shares of the company's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $65.26, for a total value of $122,427.76. Following the completion of the sale, the chief accounting officer owned 80,384 shares in the company, valued at $5,245,859.84. This represents a 2.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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.

Tarun Arora also recently made the following trade(s):

• On Friday, May 29th, Tarun Arora sold 3,615 shares of RingCentral stock. The shares were sold at an average price of $43.00, for a total value of $155,445.00.
• On Tuesday, May 26th, Tarun Arora sold 919 shares of RingCentral stock. The stock was sold at an average price of $42.66, for a total transaction of $39,204.54.

RingCentral Stock Up 0.1%

Shares of RNG traded up $0.06 during trading hours on Monday, hitting $67.07. The company had a trading volume of 1,041,981 shares, compared to its average volume of 2,103,548. The business has a fifty day moving average of $48.11 and a 200-day moving average of $41.66. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 53.66, a PEG ratio of 1.16 and a beta of 1.10. RingCentral, Inc. has a 12 month low of $24.14 and a 12 month high of $68.45.

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

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.22 EPS for the quarter, beating analysts' consensus estimates 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% on a year-over-year basis. During the same quarter in the prior year, the business 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. On average, equities analysts expect that RingCentral, Inc. will post 2.88 EPS for the current fiscal year.

RingCentral Increases Dividend

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on RNG shares. Robert W. Baird set a $45.00 price target on RingCentral in a research note on Friday, May 8th. Oppenheimer reissued an "outperform" rating and issued a $50.00 target price on shares of RingCentral in a research report on Friday, May 8th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of RingCentral in a research report on Friday, July 17th. Piper Sandler lifted their price objective on shares of RingCentral from $40.00 to $43.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Finally, Mizuho increased their target price on shares of RingCentral from $38.00 to $40.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Three equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $44.40.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RNG. WealthCollab LLC lifted its stake in RingCentral by 59.7% during the first 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. Meeder Asset Management Inc. lifted its position in shares of RingCentral by 127.3% during the 1st 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. EverSource Wealth Advisors LLC boosted its stake in RingCentral by 269.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker's stock valued at $29,000 after buying an additional 738 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in RingCentral by 70.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker's stock valued at $30,000 after buying an additional 424 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in RingCentral in the third quarter valued at about $30,000. 98.61% of the stock is owned by institutional investors.

RingCentral Company Profile

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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