RingCentral, Inc. $RNG Stock Purchased by Ritholtz Wealth Management

Ritholtz Wealth Management boosted its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 78.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,475 shares of the software maker’s stock after buying an additional 34,920 shares during the period. Ritholtz Wealth Management owned about 0.09% of RingCentral worth $5,937,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. WealthCollab LLC raised its stake in shares of RingCentral by 59.7% in the 1st quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock valued at $26,000 after buying an additional 259 shares in the last quarter. Fortitude Family Office LLC boosted its position in shares of RingCentral by 128.1% during the 3rd quarter. Fortitude Family Office LLC now owns 349 shares of the software maker’s stock valued at $26,000 after acquiring an additional 196 shares in the last quarter. Meeder Asset Management Inc. boosted its position in shares of RingCentral by 127.3% during the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock valued at $27,000 after acquiring an additional 410 shares in the last quarter. Elevation Wealth Partners LLC boosted its position in shares of RingCentral by 119.3% during the 3rd 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 in the last quarter. Finally, Nykredit A S bought a new stake in RingCentral in the second quarter valued at about $63,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Activity

In other news, COO Kira Makagon sold 36,185 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $70.11, for a total transaction of $2,536,930.35. Following the completion of the sale, the chief operating officer owned 245,385 shares of the company’s stock, valued at approximately $17,203,942.35. This trade represents a 12.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,046 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $72.10, for a total transaction of $508,016.60. Following the sale, the chief financial officer directly owned 146,700 shares of the company’s stock, valued at approximately $10,577,070. The trade was a 4.58% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 84,625 shares of company stock valued at $6,024,953. Corporate insiders own 7.30% of the company’s stock.

Wall Street Analyst Weigh In

RNG has been the subject of several recent research reports. Morgan Stanley increased their price target on shares of RingCentral from $41.00 to $91.00 and gave the stock an “equal weight” rating in a research report on Friday, October 23rd. Royal Bank Of Canada began coverage on shares of RingCentral in a research note on Thursday, September 3rd. They set an “outperform” rating and a $85.00 price target for the company. Evercore set a $90.00 price objective on RingCentral in a report on Friday, October 23rd. Weiss Ratings upgraded RingCentral from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, October 26th. Finally, Rosenblatt Securities upped their price objective on RingCentral from $80.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, October 26th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, RingCentral has an average rating of “Hold” and a consensus target price of $93.92.

RingCentral Stock Performance

Shares of NYSE RNG opened at $75.79 on Friday. The stock has a market cap of $6.40 billion, a PE ratio of 10.03, a PEG ratio of 1.27 and a beta of 1.05. The business has a fifty day moving average of $77.01 and a two-hundred day moving average of $51.30. RingCentral, Inc. has a 52-week low of $24.14 and a 52-week high of $98.14.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, October 22nd. The software maker reported $1.33 EPS for the quarter, beating the consensus estimate of $1.28 by $0.05. RingCentral had a net margin of 25.27% and a negative return on equity of 50.15%. The company had revenue of $676.04 million for the quarter, compared to the consensus estimate of $667.30 million. During the same quarter in the previous year, the company earned $1.13 EPS. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. Analysts predict that RingCentral, Inc. will post 2.96 earnings per share for the current year.

RingCentral Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, November 6th will be paid a dividend of $0.1250 per share. 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 currently 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.