12,286 RingCentral, Inc. $RNG Shares Bought by Vise Technologies Inc.

Vise Technologies Inc. grew its stake in shares of RingCentral, Inc. (NYSE:RNG) by 206.6% in the third quarter, HoldingsChannel reports. The fund owned 18,234 shares of the software maker’s stock after buying an additional 12,286 shares during the quarter. Vise Technologies Inc.’s holdings in RingCentral were worth $1,362,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Fortitude Family Office LLC boosted its position in shares of RingCentral by 128.1% in the third quarter. Fortitude Family Office LLC now owns 349 shares of the software maker’s stock worth $26,000 after acquiring an additional 196 shares during the last quarter. Elevation Wealth Partners LLC grew its holdings 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 purchasing an additional 297 shares during the period. WealthCollab LLC grew its holdings in RingCentral by 59.7% in the first quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock valued at $26,000 after purchasing an additional 259 shares during the period. Meeder Asset Management Inc. increased its position in RingCentral by 127.3% during the first quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock worth $27,000 after purchasing an additional 410 shares during the last quarter. Finally, Rockefeller Capital Management L.P. increased its position in RingCentral by 70.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker’s stock worth $30,000 after purchasing an additional 424 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Stock Performance

RNG opened at $72.01 on Friday. The firm has a 50 day moving average price of $76.70 and a 200 day moving average price of $50.35. The company has a market cap of $6.08 billion, a PE ratio of 9.53, a price-to-earnings-growth ratio of 1.22 and a beta of 1.05. RingCentral, Inc. has a 1 year low of $24.14 and a 1 year high of $98.14.

RingCentral (NYSE:RNG) last posted its quarterly 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. The firm had revenue of $676.04 million for the quarter, compared to analyst estimates of $667.30 million. RingCentral had a net margin of 25.27% and a negative return on equity of 50.15%. RingCentral’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.13 earnings per share. On average, sell-side analysts predict that RingCentral, Inc. will post 2.96 earnings per share for the current year.

RingCentral Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Friday, November 6th. RingCentral’s payout ratio is currently 6.61%.

Insider Buying and Selling

In other news, Director Amy Shenkan sold 1,264 shares of the company’s 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 completion of the transaction, the director directly owned 28,108 shares in the company, valued at approximately $2,217,440.12. This represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Vladimir Shmunis sold 11,165 shares of the firm’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $76.58, for a total transaction of $855,015.70. Following the sale, the chief executive officer directly owned 179,106 shares of the company’s stock, valued at approximately $13,715,937.48. The trade was a 5.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 three months, insiders have sold 84,625 shares of company stock valued at $6,024,953. 7.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

RNG has been the topic of a number of recent analyst reports. Evercore set a $90.00 price target on shares of RingCentral in a research note on Friday, October 23rd. Robert W. Baird set a $95.00 price objective on shares of RingCentral in a research note on Friday, October 23rd. Jefferies Financial Group upped their price objective on RingCentral from $40.00 to $75.00 and gave the stock a “hold” rating in a report on Friday, October 23rd. Piper Sandler increased their target price on RingCentral from $43.00 to $94.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. Finally, FBN Securities reiterated an “outperform” rating and issued a $105.00 target price on shares of RingCentral in a report on Friday, October 23rd. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $93.92.

RingCentral Company Profile

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.