RingCentral, Inc. $RNG Stock: State of Wyoming Decreases Holdings

State of Wyoming trimmed its position in RingCentral, Inc. (NYSE:RNG) by 56.1% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,092 shares of the software maker’s stock after selling 9,047 shares during the period. State of Wyoming’s holdings in RingCentral were worth $530,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RNG. Quantinno Capital Management LP lifted its holdings in RingCentral by 150.4% during 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. Principal Financial Group Inc. bought a new stake in shares of RingCentral in the 1st quarter valued at approximately $13,719,000. Insight Wealth Strategies LLC acquired a new stake in shares of RingCentral during the 2nd quarter valued at approximately $6,636,000. Corient Private Wealth LP raised its position in shares of RingCentral by 144.3% during the 2nd quarter. Corient Private Wealth LP now owns 250,095 shares of the software maker’s stock valued at $9,749,000 after acquiring an additional 147,710 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of RingCentral by 412.7% during the 1st quarter. Janus Henderson Group PLC now owns 177,966 shares of the software maker’s stock valued at $6,620,000 after acquiring an additional 143,254 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

RingCentral Trading Down 4.8%

NYSE RNG opened at $77.51 on Tuesday. RingCentral, Inc. has a 52 week low of $24.14 and a 52 week high of $98.14. The stock has a market cap of $6.47 billion, a price-to-earnings ratio of 10.25, a price-to-earnings-growth ratio of 1.46 and a beta of 1.10. The company has a 50-day moving average price of $76.00 and a two-hundred day moving average price of $49.38.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, October 22nd. The software maker reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. The company had revenue of $676.04 million for the quarter, compared to analysts’ expectations of $667.30 million. RingCentral had a negative return on equity of 50.15% and a net margin of 25.27%. The business’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.13 earnings per share. As a group, equities research analysts expect that RingCentral, Inc. will post 2.96 earnings per share for the current fiscal year.

RingCentral Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be given a $0.1250 dividend. This represents a $0.50 annualized dividend and a yield of 0.6%. The ex-dividend date is Friday, November 6th. RingCentral’s dividend payout ratio (DPR) is currently 6.61%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RNG shares. Weiss Ratings upgraded RingCentral from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, October 26th. FBN Securities reiterated an “outperform” rating and set a $105.00 target price on shares of RingCentral in a research note on Friday, October 23rd. Evercore set a $90.00 target price on shares of RingCentral in a report on Friday, October 23rd. Rosenblatt Securities raised their price target on shares of RingCentral from $80.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, October 26th. Finally, Robert W. Baird set a $95.00 price target on shares of RingCentral in a report on Friday, October 23rd. Six equities research 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 presently has an average rating of “Hold” and a consensus price target of $93.92.

Insider Activity

In other RingCentral news, CAO Tarun Arora sold 4,172 shares of RingCentral stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $70.36, for a total transaction of $293,541.92. Following the sale, the chief accounting officer owned 65,692 shares of the company’s stock, valued at $4,622,089.12. The trade was a 5.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Vladimir Shmunis sold 11,165 shares of the firm’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $76.58, for a total value of $855,015.70. Following the transaction, the chief executive officer directly owned 179,106 shares in the company, valued at $13,715,937.48. This trade represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 84,625 shares of company stock worth $6,024,953 over the last ninety days. 7.30% of the stock is currently owned by company insiders.

About RingCentral

RingCentral, Inc is a provider of cloud-based business communications and collaboration solutions. Its platform enables organizations to manage business phone services, team messaging, video meetings, contact center operations and other communications through internet-based applications rather than traditional on-premises systems.

The company’s offerings include RingEX, a unified communications platform that combines voice, messaging and video; RingCentral Video for online meetings and collaboration; and RingCX, a cloud contact center solution.