Vaibhav Agarwal Sells 4,044 Shares of RingCentral (NYSE:RNG) Stock

Key Points

• RingCentral CFO Vaibhav Agarwal sold 4,044 shares for approximately $263,143 under a pre-arranged Rule 10b5-1 plan to cover tax withholding tied to vested equity awards. He retained 161,048 shares after the transaction.
• RingCentral reported quarterly EPS of $1.22 and revenue of $657.01 million, exceeding analyst estimates, while revenue increased 5.9% year over year. The company also raised its quarterly dividend to $0.125 per share, or $0.50 annually.
• RNG shares traded near $67, close to their 12-month high, despite analysts’ average “Hold” rating and average price target of $44.40. Institutional investors own 98.61% of the company.

RingCentral, Inc. (NYSE:RNG - Get Free Report) CFO Vaibhav Agarwal sold 4,044 shares of the business's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $65.07, for a total value of $263,143.08. Following the completion of the transaction, the chief financial officer directly owned 161,048 shares in the company, valued at $10,479,393.36. This represents a 2.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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, August 18th, Vaibhav Agarwal sold 1,688 shares of RingCentral stock. The stock was sold at an average price of $65.50, for a total value of $110,564.00.
• 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 value of $325,359.99.

RingCentral Trading Up 0.1%

RNG stock traded up $0.06 during mid-day trading on Monday, reaching $67.07. The company's stock had a trading volume of 1,041,981 shares, compared to its average volume of 2,103,548. RingCentral, Inc. has a 12 month low of $24.14 and a 12 month high of $68.45. The business's 50 day moving average price is $48.11 and its 200 day moving average price is $41.66. The company has a market cap of $5.60 billion, a price-to-earnings ratio of 53.66, a price-to-earnings-growth ratio of 1.16 and a beta of 1.10.

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

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.06. The firm had revenue of $657.01 million for the quarter, compared to analysts' expectations of $650.53 million. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%.The company's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period 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. As a group, equities analysts expect that RingCentral, Inc. will post 2.88 EPS for the current fiscal year.

RingCentral Increases Dividend

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

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently made changes to their positions in the business. WealthCollab LLC boosted its stake in RingCentral by 59.7% during the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker's stock valued at $26,000 after purchasing an additional 259 shares during the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of RingCentral by 127.3% in the first quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker's stock valued at $27,000 after purchasing an additional 410 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of 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 purchasing an additional 738 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of RingCentral by 70.5% during 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 during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in RingCentral during the third quarter worth $30,000. 98.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RNG. Weiss Ratings reissued a "hold (c)" rating on shares of RingCentral in a research report on Friday, July 17th. Wells Fargo & Company boosted their target price on RingCentral from $32.00 to $43.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. Needham & Company LLC reaffirmed a "buy" rating on shares of RingCentral in a research note on Monday, July 20th. Jefferies Financial Group reiterated a "hold" rating and issued a $40.00 price target on shares of RingCentral in a report on Saturday, May 9th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $50.00 price objective on shares of RingCentral in a research note on Friday, July 24th. Three research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $44.40.

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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