RingCentral, Inc. $RNG Stock Position Lowered by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al cut its stake in shares of RingCentral, Inc. (NYSE:RNG) by 12.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 61,933 shares of the software maker’s stock after selling 8,800 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.07% of RingCentral worth $4,626,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quantinno Capital Management LP increased 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 buying an additional 1,187,437 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of RingCentral by 8.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,308,949 shares of the software maker’s stock worth $48,676,000 after acquiring an additional 101,002 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of RingCentral by 28.6% in the first quarter. Bank of New York Mellon Corp now owns 585,789 shares of the software maker’s stock valued at $21,785,000 after acquiring an additional 130,418 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in shares of RingCentral in the first quarter valued at about $13,719,000. Finally, Hillsdale Investment Management Inc. boosted its holdings in shares of RingCentral by 0.3% in the first quarter. Hillsdale Investment Management Inc. now owns 294,050 shares of the software maker’s stock valued at $10,936,000 after acquiring an additional 800 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Oppenheimer boosted their price target on shares of RingCentral from $85.00 to $110.00 and gave the stock an “outperform” rating in a research note on Friday, October 23rd. Mizuho set a $85.00 price objective on RingCentral in a report on Friday, October 23rd. Weiss Ratings upgraded RingCentral from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, October 26th. FBN Securities reiterated an “outperform” rating and set a $105.00 target price on shares of RingCentral in a research report on Friday, October 23rd. Finally, Rosenblatt Securities increased their target price on RingCentral from $80.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, October 26th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $93.92.

RingCentral Stock Down 0.3%

NYSE:RNG opened at $81.16 on Monday. The firm’s fifty day simple moving average is $75.79 and its 200-day simple moving average is $49.14. The stock has a market cap of $6.85 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 1.38 and a beta of 1.05. RingCentral, Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $98.14.

RingCentral (NYSE:RNG) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $667.30 million. RingCentral had a net margin of 25.27% and a negative return on equity of 50.15%. The business’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.13 earnings per share. Equities analysts anticipate that RingCentral, Inc. will post 2.96 earnings per share for the current year.

RingCentral Announces Dividend

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

Insider Activity at RingCentral

In related news, CEO Vladimir Shmunis sold 11,165 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $76.58, for a total value of $855,015.70. Following the completion of the transaction, the chief executive officer directly owned 179,106 shares of the company’s stock, valued at $13,715,937.48. This trade represents a 5.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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. Also, CFO Vaibhav Agarwal sold 7,046 shares of RingCentral stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $72.10, for a total value of $508,016.60. Following the transaction, the chief financial officer directly owned 146,700 shares of the company’s stock, valued at approximately $10,577,070. This represents a 4.58% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 84,625 shares of company stock worth $6,024,953. 7.30% of the stock is currently owned by company insiders.

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.