RingCentral, Inc. $RNG Stock Purchased by Vise Technologies Inc.

Vise Technologies Inc. boosted its position in shares of RingCentral, Inc. (NYSE:RNG) by 206.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 18,234 shares of the software maker’s stock after purchasing an additional 12,286 shares during the quarter. Vise Technologies Inc.’s holdings in RingCentral were worth $1,362,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of RNG. WealthCollab LLC increased its position in shares of RingCentral by 59.7% in the first quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock valued at $26,000 after buying an additional 259 shares in the last quarter. Fortitude Family Office LLC raised 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 buying an additional 196 shares during the last quarter. Meeder Asset Management Inc. raised its stake in shares of RingCentral by 127.3% during the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock worth $27,000 after buying an additional 410 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of 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 buying an additional 424 shares in the last quarter. Finally, Elevation Wealth Partners LLC boosted its position in shares of RingCentral by 119.3% in the 3rd quarter. Elevation Wealth Partners LLC now owns 546 shares of the software maker’s stock worth $41,000 after buying an additional 297 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RNG has been the topic of a number of research reports. Oppenheimer increased their price objective 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. Weiss Ratings upgraded shares of RingCentral from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, October 26th. Evercore set a $90.00 target price on shares of RingCentral in a research report on Friday, October 23rd. Needham & Company LLC upped their price target on shares of RingCentral from $85.00 to $110.00 and gave the company a “buy” rating in a report on Friday, October 23rd. Finally, Rosenblatt Securities increased their price target on shares of RingCentral from $80.00 to $105.00 and gave the company a “buy” rating in a research 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 MarketBeat.com, RingCentral has a consensus rating of “Hold” and a consensus target price of $93.92.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 7,046 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $72.10, for a total value of $508,016.60. Following the completion of the transaction, the chief financial officer directly owned 146,700 shares in the company, valued at approximately $10,577,070. The trade was a 4.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 1,264 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $78.89, for a total value of $99,716.96. Following the transaction, the director directly owned 28,108 shares in the company, valued at approximately $2,217,440.12. This represents a 4.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 84,625 shares of company stock worth $6,024,953 over the last three months. Company insiders own 7.30% of the company’s stock.

RingCentral Stock Performance

RingCentral stock opened at $72.01 on Friday. The stock has a fifty day moving average of $76.70 and a two-hundred day moving average of $50.35. The company has a market capitalization of $6.08 billion, a price-to-earnings ratio of 9.53, a PEG ratio of 1.22 and a beta of 1.05. RingCentral, Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $98.14.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, October 22nd. The software maker reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates 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 business’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.13 earnings per share. On average, analysts forecast that RingCentral, Inc. will post 2.96 EPS for the current fiscal year.

RingCentral Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, November 6th will be paid a dividend of $0.1250 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, November 6th. RingCentral’s dividend payout ratio (DPR) is currently 6.61%.

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.