Redwood Investment Management LLC Sells 9,754 Shares of RingCentral, Inc. $RNG

Redwood Investment Management LLC reduced its stake in shares of RingCentral, Inc. (NYSE:RNG) by 25.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,237 shares of the software maker’s stock after selling 9,754 shares during the quarter. Redwood Investment Management LLC’s holdings in RingCentral were worth $1,050,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Alyeska Investment Group L.P. purchased a new position in RingCentral during the third quarter valued at $53,365,000. LSV Asset Management increased its position 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 during the last quarter. Quantinno Capital Management LP raised its stake in RingCentral by 150.4% during the first quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker’s stock valued at $73,524,000 after purchasing an additional 1,187,437 shares in the last quarter. AQR Capital Management LLC raised its stake in RingCentral by 35.4% during the fourth quarter. AQR Capital Management LLC now owns 2,003,950 shares of the software maker’s stock valued at $57,874,000 after purchasing an additional 523,966 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake 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 worth $23,113,000 after buying an additional 471,559 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Stock Up 2.7%

RNG opened at $57.14 on Tuesday. RingCentral, Inc. has a 52-week low of $23.59 and a 52-week high of $58.98. The company has a market cap of $4.77 billion, a P/E ratio of 45.71, a price-to-earnings-growth ratio of 0.97 and a beta of 1.14. The firm’s 50-day moving average price is $41.99 and its 200-day moving average price is $37.97.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, July 23rd. The software maker reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.06. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. The firm had revenue of $657.01 million during the quarter, compared to analysts’ expectations of $650.53 million. During the same period in the previous year, the business posted $1.06 EPS. The business’s revenue was up 5.9% compared to the same quarter last year. RingCentral has set its FY 2026 guidance at 4.960-5.100 EPS and its Q3 2026 guidance at 1.250-1.300 EPS. On average, research analysts anticipate that RingCentral, Inc. will post 2.88 EPS for the current fiscal year.

RingCentral Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be given a dividend of $0.125 per share. The ex-dividend date is Thursday, August 6th. This is an increase from RingCentral’s previous quarterly dividend of $0.07. This represents a $0.50 annualized dividend and a yield of 0.9%. RingCentral’s dividend payout ratio (DPR) is 40.00%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RNG shares. Oppenheimer reaffirmed an “outperform” rating and set a $50.00 target price on shares of RingCentral in a research note on Friday, May 8th. Jefferies Financial Group restated a “hold” rating and set a $40.00 price objective on shares of RingCentral in a report on Saturday, May 9th. Morgan Stanley raised their price target on shares of RingCentral from $33.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. Needham & Company LLC reissued a “buy” rating on shares of RingCentral in a research report on Monday, July 20th. Finally, Piper Sandler upped their target price on shares of RingCentral from $40.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Three analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $44.40.

Insider Transactions at RingCentral

In related news, Director Robert I. Theis sold 2,530 shares of the business’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.28, for a total value of $101,908.40. Following the sale, the director directly owned 30,834 shares in the company, valued at approximately $1,241,993.52. The trade was a 7.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kira Makagon sold 16,988 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief operating officer owned 212,724 shares in the company, valued at approximately $9,049,278.96. This represents a 7.40% decrease in their ownership of the stock. 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. Insiders sold a total of 38,628 shares of company stock valued at $1,656,201 in the last ninety days. 7.30% of the stock is currently owned by corporate 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.