Ritholtz Wealth Management Acquires 34,920 Shares of RingCentral, Inc. $RNG

Ritholtz Wealth Management lifted its holdings in RingCentral, Inc. (NYSE:RNG) by 78.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 79,475 shares of the software maker’s stock after purchasing an additional 34,920 shares during the quarter. Ritholtz Wealth Management’s holdings in RingCentral were worth $5,937,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Quantinno Capital Management LP lifted its position in RingCentral by 150.4% during the 1st quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker’s stock worth $73,524,000 after buying an additional 1,187,437 shares in the last quarter. Dimensional Fund Advisors LP increased its position in RingCentral by 8.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,308,949 shares of the software maker’s stock valued at $48,676,000 after acquiring an additional 101,002 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new position in shares of RingCentral in the third quarter worth about $33,327,000. Bank of New York Mellon Corp raised its stake in shares of RingCentral by 28.6% in the first quarter. Bank of New York Mellon Corp now owns 585,789 shares of the software maker’s stock worth $21,785,000 after acquiring an additional 130,418 shares during the last quarter. Finally, Principal Financial Group Inc. bought a new position in shares of RingCentral in the first quarter worth about $13,719,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RNG shares. Robert W. Baird set a $95.00 target price on shares of RingCentral in a research report on Friday, October 23rd. Rosenblatt Securities raised their price target on shares of RingCentral from $80.00 to $105.00 and gave the company a “buy” rating in a report on Monday, October 26th. Evercore set a $90.00 price target on shares of RingCentral in a report on Friday, October 23rd. Piper Sandler boosted their price objective on shares of RingCentral from $43.00 to $94.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. Finally, Royal Bank Of Canada initiated coverage on RingCentral in a report on Thursday, September 3rd. They set an “outperform” rating and a $85.00 price objective on the stock. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $93.92.

Insider Activity at RingCentral

In related 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 value of $293,541.92. Following the transaction, the chief accounting officer directly owned 65,692 shares in the company, valued at $4,622,089.12. This represents a 5.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy Shenkan sold 1,264 shares of the stock in a transaction that occurred 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 $2,217,440.12. This represents a 4.30% 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 have sold 84,625 shares of company stock worth $6,024,953 over the last 90 days. Insiders own 7.30% of the company’s stock.

RingCentral Stock Up 0.9%

RingCentral stock opened at $75.79 on Friday. The business’s 50-day simple moving average is $77.01 and its 200 day simple moving average is $51.30. The stock has a market cap of $6.40 billion, a price-to-earnings ratio of 10.03, a P/E/G ratio of 1.27 and a beta of 1.05. RingCentral, Inc. has a 12-month low of $24.14 and a 12-month high of $98.14.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, October 22nd. The software maker reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.05. The firm 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 company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.13 EPS. As a group, sell-side analysts expect that RingCentral, Inc. will post 2.96 EPS for the current year.

RingCentral Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be paid a $0.1250 dividend. 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 6.61%.

RingCentral Company Profile

RingCentral, Inc. provides cloud-based communications and collaboration services for businesses. Its offerings combine business phone service, video meetings, team messaging and related tools in a unified communications platform. The company also offers contact center services that help organizations manage customer interactions across channels, along with integrations with business software. Its services are delivered to organizations in multiple countries and regions. RingCentral was founded in 1999 by Vlad Shmunis, who serves as the company’s founder, chairman and chief executive officer.