Heritage Investors Management Corp Sells 7,300 Shares of RingCentral, Inc. $RNG

Heritage Investors Management Corp reduced its position in shares of RingCentral, Inc. (NYSE:RNG) by 7.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 84,814 shares of the software maker’s stock after selling 7,300 shares during the period. Heritage Investors Management Corp owned approximately 0.10% of RingCentral worth $6,336,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Quantinno Capital Management LP boosted its holdings in RingCentral by 150.4% in the 1st quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker’s stock valued at $73,524,000 after purchasing an additional 1,187,437 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of RingCentral by 8.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,308,949 shares of the software maker’s stock worth $48,676,000 after buying an additional 101,002 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of RingCentral by 28.6% during the 1st quarter. Bank of New York Mellon Corp now owns 585,789 shares of the software maker’s stock worth $21,785,000 after buying an additional 130,418 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in shares of RingCentral in the 1st quarter valued at approximately $13,719,000. Finally, Hillsdale Investment Management Inc. lifted its holdings in shares of RingCentral by 0.3% in the 1st quarter. Hillsdale Investment Management Inc. now owns 294,050 shares of the software maker’s stock valued at $10,936,000 after buying an additional 800 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Activity

In other RingCentral news, CAO Tarun Arora sold 4,172 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $70.36, for a total transaction of $293,541.92. Following the completion of the transaction, the chief accounting officer directly owned 65,692 shares in the company, valued at approximately $4,622,089.12. This trade represents a 5.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Vladimir Shmunis sold 15,556 shares of RingCentral stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $71.78, for a total transaction of $1,116,609.68. Following the transaction, the chief executive officer owned 190,271 shares of the company’s stock, valued at approximately $13,657,652.38. The trade was a 7.56% decrease in their position. 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 sold a total of 84,625 shares of company stock worth $6,024,953 in the last three months. Company insiders own 7.30% of the company’s stock.

RingCentral Stock Performance

RNG opened at $81.16 on Monday. The business’s fifty day moving average is $75.79 and its two-hundred day moving average is $49.14. The company has a market cap of $6.85 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 1.38 and a beta of 1.05. RingCentral, Inc. has a one year low of $24.14 and a one year high of $98.14.

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

RingCentral Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be paid a $0.1250 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Friday, November 6th. RingCentral’s dividend payout ratio is presently 6.61%.

Wall Street Analysts Forecast Growth

RNG has been the topic of a number of recent analyst reports. Mizuho set a $85.00 price objective on RingCentral in a report on Friday, October 23rd. Royal Bank Of Canada started coverage on RingCentral in a research report on Thursday, September 3rd. They issued an “outperform” rating and a $85.00 price objective for the company. Morgan Stanley raised their target price on RingCentral from $41.00 to $91.00 and gave the company an “equal weight” rating in a report on Friday, October 23rd. Needham & Company LLC boosted their target price on shares of RingCentral from $85.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, October 23rd. Finally, Weiss Ratings upgraded shares of RingCentral from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, October 26th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $93.92.

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.