Redwood Investment Management LLC Cuts Holdings in RingCentral, Inc. $RNG

Redwood Investment Management LLC decreased its position in shares of RingCentral, Inc. (NYSE:RNG) by 25.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,237 shares of the software maker’s stock after selling 9,754 shares during the period. Redwood Investment Management LLC’s holdings in RingCentral were worth $1,050,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of RNG. WealthCollab LLC raised its stake in shares of RingCentral by 59.7% during the first quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock worth $26,000 after acquiring an additional 259 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in RingCentral by 127.3% during the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock valued at $27,000 after acquiring an additional 410 shares during the period. EverSource Wealth Advisors LLC grew its position in RingCentral by 269.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker’s stock worth $29,000 after acquiring an additional 738 shares during the last quarter. Rockefeller Capital Management L.P. increased 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 worth $30,000 after purchasing an additional 424 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new stake in RingCentral in the third quarter valued at approximately $30,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Transactions at RingCentral

In other news, COO Kira Makagon sold 16,988 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $42.54, for a total transaction of $722,669.52. Following the transaction, the chief operating officer directly owned 212,724 shares of the company’s stock, valued at $9,049,278.96. This represents a 7.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Tarun Arora sold 3,615 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $43.00, for a total transaction of $155,445.00. Following the completion of the transaction, the chief accounting officer owned 68,100 shares in the company, valued at $2,928,300. This trade represents a 5.04% 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. In the last quarter, insiders have sold 38,628 shares of company stock valued at $1,656,201. 7.30% of the stock is currently owned by insiders.

RingCentral Stock Performance

Shares of NYSE RNG opened at $57.14 on Tuesday. The company has a 50 day simple moving average of $41.99 and a two-hundred day simple moving average of $37.97. RingCentral, Inc. has a fifty-two week low of $23.59 and a fifty-two week high of $58.98. The company has a market capitalization of $4.77 billion, a price-to-earnings ratio of 45.71, a P/E/G ratio of 0.97 and a beta of 1.14.

RingCentral (NYSE:RNG) last released its 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 negative return on equity of 34.49% and a net margin of 4.27%.The business had revenue of $657.01 million for the quarter, compared to the consensus estimate of $650.53 million. During the same period in the previous year, the company posted $1.06 earnings per share. The company’s revenue for the quarter 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. On average, analysts forecast that RingCentral, Inc. will post 2.88 earnings per share for the current fiscal year.

RingCentral Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.9%. This is a boost from RingCentral’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Thursday, August 6th. RingCentral’s dividend payout ratio is presently 40.00%.

Analysts Set New Price Targets

A number of brokerages have issued reports on RNG. Piper Sandler raised their price target on shares of RingCentral from $40.00 to $43.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Jefferies Financial Group reaffirmed a “hold” rating and set a $40.00 price target on shares of RingCentral in a research report on Saturday, May 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of RingCentral in a report on Friday, July 17th. Mizuho lifted their price objective on RingCentral from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Finally, Needham & Company LLC restated a “buy” rating on shares of RingCentral in a report on Monday, July 20th. Three investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, RingCentral currently has a consensus rating of “Hold” and an average target price of $44.40.

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.