RingCentral, Inc. $RNG Stock: Heritage Investors Management Corp Trims Position

Heritage Investors Management Corp lowered its stake in shares of RingCentral, Inc. (NYSE:RNG) by 7.9% during the third quarter, Holdings Channel reports. The fund owned 84,814 shares of the software maker’s stock after selling 7,300 shares during the quarter. Heritage Investors Management Corp’s holdings in RingCentral were worth $6,336,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quantinno Capital Management LP raised its stake in RingCentral by 150.4% in the 1st 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 during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of RingCentral during the 1st quarter worth about $13,719,000. Insight Wealth Strategies LLC acquired a new stake in shares of RingCentral during the 2nd quarter worth about $6,636,000. Corient Private Wealth LP grew its holdings in shares of RingCentral by 144.3% during the second quarter. Corient Private Wealth LP now owns 250,095 shares of the software maker’s stock worth $9,749,000 after buying an additional 147,710 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of RingCentral by 412.7% during the first quarter. Janus Henderson Group PLC now owns 177,966 shares of the software maker’s stock worth $6,620,000 after buying an additional 143,254 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RNG. Evercore set a $90.00 price objective on shares of RingCentral in a research report on Friday, October 23rd. FBN Securities restated an “outperform” rating and set a $105.00 target price on shares of RingCentral in a research report on Friday, October 23rd. Robert W. Baird set a $95.00 target price on shares of RingCentral in a research note on Friday, October 23rd. Oppenheimer boosted their price target on RingCentral from $85.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, October 23rd. Finally, Mizuho set a $85.00 price target on RingCentral in a research note on Friday, October 23rd. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $93.92.

Insider Transactions at RingCentral

In other RingCentral news, COO Kira Makagon sold 36,185 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was 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. The trade was a 12.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Tarun Arora sold 4,172 shares of the company’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $70.36, for a total value of $293,541.92. Following the sale, the chief accounting officer owned 65,692 shares of the company’s stock, valued at $4,622,089.12. This represents a 5.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 84,625 shares of company stock valued at $6,024,953 in the last ninety days. Company insiders own 7.30% of the company’s stock.

RingCentral Stock Performance

Shares of RNG stock opened at $81.16 on Monday. RingCentral, Inc. has a one year low of $24.14 and a one year high of $98.14. The company has a 50 day moving average price of $75.79 and a 200 day moving average price of $49.14. The firm has a market capitalization of $6.85 billion, a price-to-earnings ratio of 10.74, a price-to-earnings-growth ratio of 1.38 and a beta of 1.05.

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

RingCentral Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be issued a $0.1250 dividend. The ex-dividend date is Friday, November 6th. This represents a $0.50 dividend on an annualized basis and a yield of 0.6%. RingCentral’s dividend payout ratio (DPR) is presently 6.61%.

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.