RingCentral, Inc. $RNG Position Cut by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its holdings in RingCentral, Inc. (NYSE:RNG) by 12.4% during the 3rd quarter, Holdings Channel reports. The firm owned 61,933 shares of the software maker’s stock after selling 8,800 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in RingCentral were worth $4,626,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Fortitude Family Office LLC increased its stake in shares of RingCentral by 128.1% during the 3rd quarter. Fortitude Family Office LLC now owns 349 shares of the software maker’s stock worth $26,000 after purchasing an additional 196 shares in the last quarter. Elevation Wealth Partners LLC raised its position in shares of RingCentral by 119.3% during the 3rd quarter. Elevation Wealth Partners LLC now owns 546 shares of the software maker’s stock worth $41,000 after purchasing an additional 297 shares during the last quarter. WealthCollab LLC raised its position 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. Meeder Asset Management Inc. lifted its stake in RingCentral by 127.3% in the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock valued at $27,000 after buying an additional 410 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its stake in RingCentral by 70.5% in the 4th 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. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Trading Down 0.3%

NYSE RNG opened at $81.16 on Monday. The business’s 50-day moving average price is $75.79 and its 200 day moving average price is $49.14. RingCentral, Inc. has a twelve month low of $24.14 and a twelve month high of $98.14. The company has a market capitalization of $6.85 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 1.38 and a beta of 1.05.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, October 22nd. The software maker reported $1.33 EPS for the quarter, beating the consensus estimate of $1.28 by $0.05. The company had revenue of $676.04 million during 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 firm’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.13 EPS. Equities analysts predict that RingCentral, Inc. will post 2.96 EPS for the current year.

RingCentral Announces Dividend

The business 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. The ex-dividend date of this dividend is Friday, November 6th. This represents a $0.50 annualized dividend and a dividend yield of 0.6%. RingCentral’s dividend payout ratio (DPR) is currently 6.61%.

Analyst Ratings Changes

RNG has been the topic of several recent research reports. UBS Group set a $91.00 price objective on RingCentral in a research report on Friday, October 23rd. Oppenheimer boosted their target price on shares of RingCentral from $85.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, October 23rd. FBN Securities restated an “outperform” rating and issued a $105.00 target price on shares of RingCentral in a report on Friday, October 23rd. Weiss Ratings raised shares of RingCentral from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, October 26th. Finally, Rosenblatt Securities lifted their price target on shares of RingCentral from $80.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, October 26th. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $93.92.

Insider Transactions at RingCentral

In other RingCentral news, CAO Tarun Arora sold 4,172 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $70.36, for a total transaction of $293,541.92. Following the transaction, the chief accounting officer owned 65,692 shares of the company’s stock, valued at $4,622,089.12. This trade represents a 5.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy Shenkan sold 1,264 shares of RingCentral stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $78.89, for a total transaction of $99,716.96. Following the completion of the transaction, the director owned 28,108 shares in the company, valued at approximately $2,217,440.12. This trade represents a 4.30% decrease in their position. 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. Insiders sold 84,625 shares of company stock valued at $6,024,953 in the last quarter. Insiders own 7.30% of the company’s stock.

RingCentral Company Profile

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.