23,271 Shares in RingCentral, Inc. $RNG Acquired by Readystate Asset Management LP

Readystate Asset Management LP purchased a new position in shares of RingCentral, Inc. (NYSE:RNG) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 23,271 shares of the software maker’s stock, valued at approximately $907,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC purchased a new position in shares of RingCentral during the second quarter worth approximately $68,000. Nykredit A S purchased a new stake in RingCentral in the 2nd quarter valued at $63,000. Proficio Capital Partners LLC purchased a new stake in RingCentral in the 2nd quarter valued at $306,000. Public Employees Retirement System of Ohio acquired a new stake in RingCentral during the 2nd quarter worth $826,000. Finally, Globeflex Capital L P acquired a new stake in RingCentral during the 2nd quarter worth $4,474,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

Shares of RNG stock opened at $73.32 on Tuesday. The business’s fifty day moving average price is $55.57 and its 200 day moving average price is $44.94. The firm has a market capitalization of $6.12 billion, a PE ratio of 58.66, a P/E/G ratio of 1.27 and a beta of 1.14. RingCentral, Inc. has a 1-year low of $24.14 and a 1-year high of $77.95.

RingCentral (NYSE:RNG) last released its 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. RingCentral had a negative return on equity of 34.49% and a net margin of 4.27%.The company had revenue of $657.01 million during the quarter, compared to the consensus estimate of $650.53 million. During the same quarter last year, the company earned $1.06 earnings per share. RingCentral’s quarterly revenue was up 5.9% compared to the same quarter last year. RingCentral has set its FY 2026 guidance at 4.960-5.100 EPS and its Q3 2026 guidance at 1.250-1.300 EPS. Equities research analysts expect that RingCentral, Inc. will post 2.89 earnings per share for the current fiscal year.

RingCentral Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were issued a dividend of $0.125 per share. 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 yield of 0.7%. The ex-dividend date of this dividend was Thursday, August 6th. RingCentral’s payout ratio is presently 40.00%.

Analyst Ratings Changes

RNG has been the topic of a number of recent research reports. Rosenblatt Securities restated a “buy” rating and issued a $50.00 price objective on shares of RingCentral in a research note on Friday, July 24th. Wells Fargo & Company raised their price target on RingCentral from $43.00 to $65.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 25th. Mizuho boosted their price target on RingCentral from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Piper Sandler upped their price objective on RingCentral from $40.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Finally, Oppenheimer increased their price objective on RingCentral from $50.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 1st. Four research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and a consensus price target of $56.00.

Insider Activity at RingCentral

In other RingCentral news, CAO Tarun Arora sold 1,876 shares of the stock in a transaction dated 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 transaction, the chief accounting officer directly owned 80,384 shares of the company’s stock, valued at approximately $5,245,859.84. This trade represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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. Also, Director Amy Shenkan sold 1,265 shares of RingCentral stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.59, for a total transaction of $51,346.35. Following the sale, the director owned 29,372 shares of the company’s stock, valued at approximately $1,192,209.48. The trade was a 4.13% 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. Insiders sold a total of 46,799 shares of company stock valued at $3,248,018 in the last ninety days. Company insiders own 7.30% of the company’s stock.

About RingCentral

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.