Pinnacle Associates Ltd. Takes $610,000 Position in RingCentral, Inc. $RNG

Pinnacle Associates Ltd. purchased a new stake in RingCentral, Inc. (NYSE:RNG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 21,514 shares of the software maker’s stock, valued at approximately $610,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Empowered Funds LLC lifted its holdings in RingCentral by 9.0% in the first quarter. Empowered Funds LLC now owns 11,417 shares of the software maker’s stock valued at $283,000 after acquiring an additional 940 shares during the period. Woodline Partners LP boosted its position in shares of RingCentral by 14.8% during the 1st quarter. Woodline Partners LP now owns 159,474 shares of the software maker’s stock worth $3,949,000 after purchasing an additional 20,518 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of RingCentral by 2.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,190 shares of the software maker’s stock worth $6,467,000 after purchasing an additional 5,398 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of RingCentral by 11.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 29,033 shares of the software maker’s stock valued at $823,000 after purchasing an additional 2,923 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of RingCentral by 4.2% in the 2nd quarter. Bank of Montreal Can now owns 61,525 shares of the software maker’s stock valued at $1,744,000 after purchasing an additional 2,485 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Trading Down 1.9%

Shares of NYSE RNG opened at $38.15 on Friday. The company’s 50-day moving average price is $30.79 and its 200 day moving average price is $29.73. RingCentral, Inc. has a 52 week low of $20.58 and a 52 week high of $42.42. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 79.48, a PEG ratio of 1.53 and a beta of 1.14.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, February 19th. The software maker reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.04. RingCentral had a net margin of 1.73% and a negative return on equity of 28.14%. The company had revenue of $644.03 million during the quarter, compared to analysts’ expectations of $643.52 million. During the same quarter in the previous year, the business posted $0.98 earnings per share. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. RingCentral has set its FY 2026 guidance at 4.760-4.970 EPS and its Q1 2026 guidance at 1.160-1.190 EPS. As a group, research analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

RingCentral Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 9th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Monday, March 9th. RingCentral’s payout ratio is currently 62.50%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RNG. Piper Sandler boosted their price objective on shares of RingCentral from $28.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, February 23rd. Morgan Stanley increased their target price on shares of RingCentral from $30.00 to $33.00 and gave the company an “equal weight” rating in a report on Friday, February 20th. UBS Group set a $38.00 price target on shares of RingCentral in a research report on Friday, February 20th. Robert W. Baird boosted their price target on RingCentral from $30.00 to $34.00 and gave the stock a “neutral” rating in a research note on Monday, February 23rd. Finally, Mizuho upped their price target on RingCentral from $27.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 20th. Four research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, RingCentral has an average rating of “Hold” and a consensus price target of $34.04.

Insider Buying and Selling

In other RingCentral news, CAO Tarun Arora sold 8,840 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $40.69, for a total transaction of $359,699.60. Following the sale, the chief accounting officer owned 75,492 shares in the company, valued at approximately $3,071,769.48. This represents a 10.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 18,680 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $36.33, for a total value of $678,644.40. Following the transaction, the chief financial officer directly owned 139,493 shares of the company’s stock, valued at $5,067,780.69. The trade was a 11.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 259,526 shares of company stock worth $9,225,128 in the last quarter. Corporate insiders own 7.30% of the company’s stock.

About RingCentral

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.