RingCentral, Inc. $RNG Shares Sold by Inscription Capital LLC

Inscription Capital LLC cut its position in shares of RingCentral, Inc. (NYSE:RNG) by 59.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,885 shares of the software maker’s stock after selling 14,575 shares during the period. Inscription Capital LLC’s holdings in RingCentral were worth $738,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of RNG. Interchange Capital Partners LLC grew its holdings in RingCentral by 2.6% during the third quarter. Interchange Capital Partners LLC now owns 5,479 shares of the software maker’s stock worth $409,000 after purchasing an additional 137 shares during the period. Fortitude Family Office LLC boosted its stake in shares of RingCentral by 128.1% in the 3rd quarter. Fortitude Family Office LLC now owns 349 shares of the software maker’s stock valued at $26,000 after purchasing an additional 196 shares in the last quarter. WealthCollab LLC boosted 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 purchasing an additional 259 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of RingCentral by 2.3% during the 2nd quarter. Versant Capital Management Inc now owns 11,521 shares of the software maker’s stock valued at $449,000 after purchasing an additional 259 shares during the last quarter. Finally, Elevation Wealth Partners LLC increased its position in RingCentral by 119.3% during the 3rd quarter. Elevation Wealth Partners LLC now owns 546 shares of the software maker’s stock worth $41,000 after purchasing an additional 297 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

RingCentral Trading Down 3.1%

Shares of NYSE:RNG traded down $2.32 during midday trading on Friday, reaching $72.01. The company had a trading volume of 1,698,684 shares, compared to its average volume of 1,725,409. The stock has a market cap of $6.08 billion, a P/E ratio of 9.53, a P/E/G ratio of 1.31 and a beta of 1.05. The company’s 50 day moving average price is $76.70 and its 200 day moving average price is $50.35. RingCentral, Inc. has a 52-week low of $24.14 and a 52-week high of $98.14.

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

RingCentral Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be issued a dividend of $0.1250 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, November 6th. RingCentral’s dividend payout ratio is presently 6.61%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RNG shares. Weiss Ratings upgraded RingCentral from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, October 26th. Rosenblatt Securities increased their target price on RingCentral from $80.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, October 26th. Evercore set a $90.00 price target on RingCentral in a research note on Friday, October 23rd. Wells Fargo & Company boosted their price target on RingCentral from $65.00 to $85.00 and gave the stock an “equal weight” rating in a report on Friday, October 23rd. Finally, Royal Bank Of Canada started coverage on RingCentral in a research note on Thursday, September 3rd. They issued an “outperform” rating and a $85.00 price objective for the company. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, RingCentral presently has an average rating of “Hold” and a consensus target price of $93.92.

Insider Activity

In related news, Director Amy Shenkan sold 1,264 shares of RingCentral stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $78.89, for a total value of $99,716.96. Following the completion of the sale, the director owned 28,108 shares of the company’s stock, valued at $2,217,440.12. The trade was a 4.30% decrease in their ownership of the stock. The sale 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, CEO Vladimir Shmunis sold 15,556 shares of RingCentral stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $71.78, for a total transaction of $1,116,609.68. Following the transaction, the chief executive officer owned 190,271 shares in the company, valued at $13,657,652.38. This represents a 7.56% decrease in their position. The SEC filing for this sale provides additional information. 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 90 days, insiders sold 84,625 shares of company stock valued at $6,024,953. Corporate insiders own 7.30% of the company’s stock.

About RingCentral

RingCentral, Inc is a provider of cloud-based business communications and collaboration solutions. Its platform enables organizations to manage business phone services, team messaging, video meetings, contact center operations and other communications through internet-based applications rather than traditional on-premises systems.

The company’s offerings include RingEX, a unified communications platform that combines voice, messaging and video; RingCentral Video for online meetings and collaboration; and RingCX, a cloud contact center solution.