RingCentral, Inc. $RNG Stock Sold by Kestra Investment Management LLC

Kestra Investment Management LLC cut its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 42.6% during the third quarter, HoldingsChannel.com reports. The firm owned 26,167 shares of the software maker’s stock after selling 19,393 shares during the quarter. Kestra Investment Management LLC’s holdings in RingCentral were worth $1,955,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. WealthCollab LLC grew its position in shares of RingCentral by 59.7% during the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock worth $26,000 after buying an additional 259 shares during the period. Fortitude Family Office LLC lifted its holdings in RingCentral by 128.1% in the third quarter. Fortitude Family Office LLC now owns 349 shares of the software maker’s stock valued at $26,000 after buying an additional 196 shares during the period. Meeder Asset Management Inc. lifted its holdings in RingCentral by 127.3% in the first quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock valued at $27,000 after buying an additional 410 shares during the period. Rockefeller Capital Management L.P. boosted its stake in RingCentral by 70.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker’s stock valued at $30,000 after acquiring an additional 424 shares during the last quarter. Finally, Elevation Wealth Partners LLC boosted its stake in RingCentral by 119.3% in the third quarter. Elevation Wealth Partners LLC now owns 546 shares of the software maker’s stock valued at $41,000 after acquiring an additional 297 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RNG shares. UBS Group set a $91.00 target price on shares of RingCentral in a report on Friday, October 23rd. Piper Sandler increased their price target on RingCentral from $43.00 to $94.00 and gave the company a “neutral” rating in a research note on Friday, October 23rd. Oppenheimer increased their price target on 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 RingCentral from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, October 26th. Finally, Wells Fargo & Company lifted their price objective on RingCentral from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Friday, October 23rd. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, RingCentral presently has an average rating of “Hold” and an average target price of $93.92.

Insider Transactions at RingCentral

In other RingCentral news, Director Amy Shenkan sold 1,264 shares of the stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $78.89, for a total value of $99,716.96. Following the sale, the director directly owned 28,108 shares in the company, valued at approximately $2,217,440.12. This trade represents a 4.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kira Makagon sold 36,185 shares of RingCentral stock in a transaction on Monday, September 14th. The stock was sold at an average price of $70.11, for a total transaction of $2,536,930.35. Following the transaction, the chief operating officer directly owned 245,385 shares in the company, valued at approximately $17,203,942.35. This represents a 12.85% 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. In the last three months, insiders have sold 84,625 shares of company stock valued at $6,024,953. Corporate insiders own 7.30% of the company’s stock.

RingCentral Price Performance

Shares of RNG stock opened at $73.28 on Wednesday. The stock has a market cap of $6.19 billion, a PE ratio of 9.69, a price-to-earnings-growth ratio of 1.23 and a beta of 1.05. The stock has a 50-day moving average of $76.85 and a 200-day moving average of $50.82. RingCentral, Inc. has a one year low of $24.14 and a one year high of $98.14.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, October 22nd. The software maker reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. RingCentral had a net margin of 25.27% and a negative return on equity of 50.15%. The business had revenue of $676.04 million for the quarter, compared to the consensus estimate of $667.30 million. During the same period last year, the company posted $1.13 EPS. RingCentral’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, research analysts anticipate that RingCentral, Inc. will post 2.96 earnings per share for the current year.

RingCentral Announces Dividend

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

RingCentral 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.