Ritholtz Wealth Management Invests $613,000 in RingCentral, Inc. $RNG

Ritholtz Wealth Management bought a new position in RingCentral, Inc. (NYSE:RNG) during the first quarter, according to its most recent filing with the SEC. The firm bought 16,473 shares of the software maker’s stock, valued at approximately $613,000.

Other large investors have also recently made changes to their positions in the company. Invenomic Capital Management LP increased its position in shares of RingCentral by 3.9% during the third quarter. Invenomic Capital Management LP now owns 1,482,447 shares of the software maker’s stock worth $42,013,000 after acquiring an additional 55,088 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in RingCentral in the 3rd quarter valued at about $843,000. Clark Capital Management Group Inc. boosted its stake in RingCentral by 103.3% during the 3rd quarter. Clark Capital Management Group Inc. now owns 303,455 shares of the software maker’s stock valued at $8,600,000 after purchasing an additional 154,188 shares during the last quarter. Robertson Stephens Wealth Management LLC boosted its stake in RingCentral by 124.7% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 90,311 shares of the software maker’s stock valued at $2,608,000 after purchasing an additional 50,122 shares during the last quarter. Finally, Capital World Investors increased its holdings in RingCentral by 20.9% during the 3rd quarter. Capital World Investors now owns 11,735,991 shares of the software maker’s stock worth $332,598,000 after purchasing an additional 2,031,861 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

RingCentral Stock Down 0.1%

RingCentral stock opened at $39.05 on Wednesday. RingCentral, Inc. has a 52 week low of $23.59 and a 52 week high of $49.85. The company’s 50 day moving average price is $40.76 and its two-hundred day moving average price is $35.39. The stock has a market cap of $3.27 billion, a P/E ratio of 41.54, a P/E/G ratio of 1.15 and a beta of 1.14.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, May 7th. The software maker reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The firm had revenue of $644.20 million for the quarter, compared to the consensus estimate of $642.73 million. RingCentral had a negative return on equity of 33.75% and a net margin of 3.31%.The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.00 EPS. RingCentral has set its FY 2026 guidance at 4.850-5.010 EPS and its Q2 2026 guidance at 1.150-1.170 EPS. On average, equities analysts anticipate that RingCentral, Inc. will post 2.78 EPS for the current year.

RingCentral Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Tuesday, June 2nd were given a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.30 annualized dividend and a yield of 0.8%. RingCentral’s payout ratio is currently 31.91%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Needham & Company LLC increased their price objective on RingCentral from $36.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, March 13th. Robert W. Baird set a $45.00 target price on RingCentral in a research report on Friday, May 8th. Zacks Research upgraded RingCentral from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Oppenheimer reissued an “outperform” rating and issued a $50.00 price target on shares of RingCentral in a research report on Friday, May 8th. Finally, Morgan Stanley lifted their price objective on shares of RingCentral from $33.00 to $40.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Three investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $43.00.

Insider Buying and Selling at RingCentral

In other news, CAO Tarun Arora sold 3,615 shares of RingCentral stock in a transaction 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 sale, the chief accounting officer directly owned 68,100 shares in the company, valued at $2,928,300. The trade was a 5.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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, CFO Vaibhav Agarwal sold 7,047 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $46.17, for a total transaction of $325,359.99. Following the completion of the transaction, the chief financial officer directly owned 169,282 shares in the company, valued at $7,815,749.94. This trade represents a 4.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 41,656 shares of company stock worth $1,780,310 in the last quarter. 7.30% of the stock is currently owned by company insiders.

RingCentral Profile

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.