New York State Teachers Retirement System Purchases 26,908 Shares of RingCentral, Inc. $RNG

New York State Teachers Retirement System grew its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 366.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,255 shares of the software maker’s stock after acquiring an additional 26,908 shares during the period. New York State Teachers Retirement System’s holdings in RingCentral were worth $1,274,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Alyeska Investment Group L.P. bought a new stake in shares of RingCentral during the 3rd quarter valued at about $53,365,000. LSV Asset Management increased its holdings in RingCentral by 142.4% in the fourth quarter. LSV Asset Management now owns 2,871,700 shares of the software maker’s stock worth $82,935,000 after purchasing an additional 1,686,900 shares in the last quarter. AQR Capital Management LLC increased its holdings in RingCentral by 35.4% in the fourth quarter. AQR Capital Management LLC now owns 2,003,950 shares of the software maker’s stock worth $57,874,000 after purchasing an additional 523,966 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in RingCentral by 138.6% in the third quarter. Russell Investments Group Ltd. now owns 811,747 shares of the software maker’s stock valued at $23,113,000 after buying an additional 471,559 shares during the period. Finally, Two Sigma Investments LP lifted its stake in RingCentral by 130.5% in the third quarter. Two Sigma Investments LP now owns 490,255 shares of the software maker’s stock valued at $13,894,000 after buying an additional 277,577 shares during the period. 98.61% of the stock is owned by institutional investors.

Insider Buying and Selling at RingCentral

In other RingCentral 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 sale, the chief operating officer owned 212,724 shares in the company, valued at $9,049,278.96. This represents a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,047 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $46.17, for a total value of $325,359.99. Following the completion of the transaction, the chief financial officer directly owned 169,282 shares of the company’s stock, valued at $7,815,749.94. The trade was a 4.00% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 45,451 shares of company stock worth $1,933,565. Company insiders own 7.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Rosenblatt Securities raised their price objective on shares of RingCentral from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Jefferies Financial Group restated a “hold” rating and issued a $40.00 price target on shares of RingCentral in a report on Saturday, May 9th. Wells Fargo & Company upped their price target on RingCentral from $32.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Robert W. Baird set a $45.00 price objective on shares of RingCentral in a research note on Friday, May 8th. Finally, Oppenheimer restated an “outperform” rating and issued a $50.00 target price on shares of RingCentral in a report on Friday, May 8th. Three research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $43.00.

RingCentral Trading Up 0.4%

Shares of NYSE RNG opened at $41.94 on Monday. The stock has a fifty day simple moving average of $40.78 and a two-hundred day simple moving average of $35.98. RingCentral, Inc. has a 1-year low of $23.59 and a 1-year high of $49.85. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of 44.62, a price-to-earnings-growth ratio of 1.23 and a beta of 1.14.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, May 7th. The software maker reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. The company had revenue of $644.20 million during the quarter, compared to analyst estimates of $642.73 million. RingCentral had a negative return on equity of 33.75% and a net margin of 3.31%.The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $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. Analysts forecast that RingCentral, Inc. will post 2.78 EPS for the current year.

RingCentral Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, June 2nd were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Tuesday, June 2nd. RingCentral’s payout ratio is currently 31.91%.

RingCentral Company 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.