Fifth Third Bancorp Acquires New Shares in RingCentral, Inc. $RNG

Fifth Third Bancorp acquired a new position in shares of RingCentral, Inc. (NYSE:RNG) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 46,573 shares of the software maker’s stock, valued at approximately $1,732,000.

Several other large investors have also recently bought and sold shares of the company. Alyeska Investment Group L.P. acquired a new stake in RingCentral in the third quarter worth $53,365,000. LSV Asset Management grew its holdings in shares of RingCentral by 142.4% in the 4th quarter. LSV Asset Management now owns 2,871,700 shares of the software maker’s stock valued at $82,935,000 after buying an additional 1,686,900 shares during the period. AQR Capital Management LLC grew its holdings in shares of RingCentral by 35.4% in the 4th quarter. AQR Capital Management LLC now owns 2,003,950 shares of the software maker’s stock valued at $57,874,000 after buying an additional 523,966 shares during the period. Russell Investments Group Ltd. increased its position in shares of RingCentral by 138.6% in the 3rd 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 in the last quarter. Finally, Two Sigma Investments LP increased its position in shares of RingCentral by 130.5% in the 3rd 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 in the last quarter. Institutional investors own 98.61% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on RNG shares. Needham & Company LLC reiterated a “buy” rating on shares of RingCentral in a report on Monday. Rosenblatt Securities lifted their price target on RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of RingCentral in a research note on Friday, July 17th. Robert W. Baird set a $45.00 price objective on shares of RingCentral in a report on Friday, May 8th. Finally, Oppenheimer reissued an “outperform” rating and issued a $50.00 price objective on shares of RingCentral in a research report on Friday, May 8th. Three analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, RingCentral has a consensus rating of “Hold” and a consensus target price of $43.00.

RingCentral Stock Performance

RNG opened at $37.70 on Thursday. RingCentral, Inc. has a 52-week low of $23.59 and a 52-week high of $49.85. The firm has a market capitalization of $3.16 billion, a PE ratio of 40.11, a PEG ratio of 1.16 and a beta of 1.14. The business’s 50-day simple moving average is $40.28 and its 200 day simple moving average is $36.62.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, May 7th. The software maker reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The firm had revenue of $644.20 million during 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 business’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company earned $1.00 earnings per share. 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, research analysts forecast that RingCentral, Inc. will post 2.78 earnings per share for the current year.

RingCentral Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, June 2nd were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Tuesday, June 2nd. RingCentral’s payout ratio is presently 31.91%.

Insider Activity

In other RingCentral news, CAO Tarun Arora sold 3,615 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $43.00, for a total value of $155,445.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 Robert I. Theis sold 2,530 shares of RingCentral stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.28, for a total transaction of $101,908.40. Following the completion of the transaction, the director directly owned 30,834 shares of the company’s stock, valued at approximately $1,241,993.52. This trade represents a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 44,498 shares of company stock valued at $1,892,586. 7.30% of the stock is owned by corporate insiders.

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.