RingCentral, Inc. $RNG Stock Position Trimmed by State of Alaska Department of Revenue

State of Alaska Department of Revenue decreased its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 42.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 17,328 shares of the software maker’s stock after selling 12,686 shares during the period. State of Alaska Department of Revenue’s holdings in RingCentral were worth $1,293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. WealthCollab LLC increased its holdings in shares of 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 last quarter. Fortitude Family Office LLC raised 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 valued at $26,000 after purchasing an additional 196 shares during the period. Meeder Asset Management Inc. lifted its stake in shares of RingCentral by 127.3% during the 1st quarter. Meeder Asset Management Inc. now owns 732 shares of the software maker’s stock worth $27,000 after buying an additional 410 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of RingCentral by 70.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker’s stock worth $30,000 after buying an additional 424 shares during the last quarter. Finally, Elevation Wealth Partners LLC boosted its holdings in shares of 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 buying an additional 297 shares during the period. 98.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on RNG. Piper Sandler upped their price target on shares of RingCentral from $40.00 to $43.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Oppenheimer raised their price objective on shares of RingCentral from $50.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 1st. Rosenblatt Securities restated a “buy” rating and set a $50.00 price objective on shares of RingCentral in a research report on Friday, July 24th. Weiss Ratings upgraded RingCentral from a “hold (c)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Finally, Mizuho upped their target price on RingCentral from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, RingCentral currently has a consensus rating of “Hold” and a consensus price target of $56.00.

RingCentral Stock Performance

RNG opened at $81.49 on Wednesday. RingCentral, Inc. has a fifty-two week low of $24.14 and a fifty-two week high of $82.21. The company has a market capitalization of $6.81 billion, a P/E ratio of 65.19, a P/E/G ratio of 1.37 and a beta of 1.10. The stock has a fifty day moving average of $73.01 and a 200-day moving average of $53.43.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.22 EPS for the quarter, beating the consensus estimate of $1.16 by $0.06. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. The business had revenue of $657.01 million for the quarter, compared to the consensus estimate of $650.53 million. During the same period in the prior year, the company posted $1.06 earnings per share. RingCentral’s revenue was up 5.9% compared to the same quarter last year. RingCentral has set its FY 2026 guidance at 4.960-5.100 EPS and its Q3 2026 guidance at 1.250-1.300 EPS. On average, equities research analysts predict that RingCentral, Inc. will post 2.89 earnings per share for the current fiscal year.

RingCentral Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were 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 was Thursday, August 6th. This is a boost from RingCentral’s previous quarterly dividend of $0.0750. RingCentral’s dividend payout ratio (DPR) is currently 40.00%.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 7,046 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $72.10, for a total transaction 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 trade represents a 4.58% 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 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, Director Amy Shenkan sold 1,264 shares of the business’s stock in a transaction that occurred 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 sale, the director owned 28,108 shares of the company’s stock, valued at approximately $2,217,440.12. This trade represents a 4.30% 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. Over the last 90 days, insiders have sold 84,625 shares of company stock worth $6,024,953. 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.