Renaissance Technologies LLC Cuts Stock Position in RingCentral, Inc. $RNG

Renaissance Technologies LLC decreased its position in shares of RingCentral, Inc. (NYSE:RNG) by 11.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,212,681 shares of the software maker’s stock after selling 155,000 shares during the period. Renaissance Technologies LLC owned about 1.44% of RingCentral worth $45,100,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. WealthCollab LLC increased 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 period. Meeder Asset Management Inc. boosted its stake 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 during the period. EverSource Wealth Advisors LLC boosted its stake 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 during the period. Harvest Fund Management Co. Ltd acquired a new position in shares of RingCentral in the third quarter valued at approximately $30,000. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of 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 purchasing an additional 424 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Stock Up 11.4%

Shares of NYSE:RNG opened at $53.80 on Tuesday. RingCentral, Inc. has a fifty-two week low of $23.59 and a fifty-two week high of $55.30. The firm’s 50 day moving average price is $40.68 and its 200 day moving average price is $37.02. The stock has a market cap of $4.51 billion, a price-to-earnings ratio of 43.04, a price-to-earnings-growth ratio of 1.42 and a beta of 1.14.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.22 EPS for the quarter, topping the consensus estimate of $1.16 by $0.06. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. The company had revenue of $657.01 million during the quarter, compared to analysts’ expectations of $650.53 million. During the same quarter in the previous year, the business posted $1.06 EPS. The firm’s revenue was up 5.9% on a year-over-year basis. 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 anticipate that RingCentral, Inc. will post 2.78 EPS for the current year.

RingCentral Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be paid a dividend of $0.125 per share. The ex-dividend date is Thursday, August 6th. This is an increase from RingCentral’s previous quarterly dividend of $0.07. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.9%. RingCentral’s payout ratio is presently 24.00%.

Insider Activity

In related news, Director Amy Guggenheim Shenkan sold 1,265 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $40.59, for a total value of $51,346.35. Following the transaction, the director owned 29,372 shares of the company’s stock, valued at $1,192,209.48. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,047 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $46.17, for a total value of $325,359.99. Following the completion of the sale, the chief financial officer owned 169,282 shares in the company, valued at approximately $7,815,749.94. This represents a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last quarter, insiders have sold 38,628 shares of company stock valued at $1,656,201. Insiders own 7.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RNG shares. Mizuho increased their target price on shares of RingCentral from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday. Morgan Stanley upped their price objective on RingCentral from $33.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Needham & Company LLC reiterated a “buy” rating on shares of RingCentral in a research note on Monday, July 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of RingCentral in a research note on Friday, July 17th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $50.00 target price on shares of RingCentral in a report on Friday. Three equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $44.40.

RingCentral 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.