RingCentral, Inc. $RNG Stock: Kestra Investment Management LLC Decreases Holdings

Kestra Investment Management LLC lowered its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 42.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,167 shares of the software maker’s stock after selling 19,393 shares during the period. Kestra Investment Management LLC’s holdings in RingCentral were worth $1,955,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Quantinno Capital Management LP increased its holdings in shares of RingCentral by 150.4% during the first quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker’s stock worth $73,524,000 after buying an additional 1,187,437 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of RingCentral in the first quarter valued at approximately $13,719,000. Insight Wealth Strategies LLC acquired a new position in shares of RingCentral in the 2nd quarter worth approximately $6,636,000. Corient Private Wealth LP boosted its holdings in shares of RingCentral by 144.3% in the 2nd quarter. Corient Private Wealth LP now owns 250,095 shares of the software maker’s stock worth $9,749,000 after acquiring an additional 147,710 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of RingCentral by 412.7% in the 1st quarter. Janus Henderson Group PLC now owns 177,966 shares of the software maker’s stock worth $6,620,000 after acquiring an additional 143,254 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Trading Up 0.7%

RNG opened at $73.28 on Wednesday. The stock has a market capitalization of $6.19 billion, a PE ratio of 9.69, a PEG ratio of 1.23 and a beta of 1.05. RingCentral, Inc. has a 1-year low of $24.14 and a 1-year high of $98.14. The firm has a 50-day moving average price of $76.85 and a two-hundred day moving average price of $50.82.

RingCentral (NYSE:RNG) last announced its 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. RingCentral had a net margin of 25.27% and a negative return on equity of 50.15%. The company had revenue of $676.04 million during the quarter, compared to the consensus estimate of $667.30 million. During the same period in the previous year, the firm posted $1.13 earnings per share. The company’s revenue was up 5.8% on a year-over-year basis. On average, research analysts predict that RingCentral, Inc. will post 2.96 EPS for the current year.

RingCentral Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be given a $0.1250 dividend. This represents a $0.50 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, November 6th. RingCentral’s payout ratio is 6.61%.

Insider Transactions at RingCentral

In other RingCentral news, Director Amy Shenkan sold 1,264 shares of the company’s stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $78.89, for a total transaction of $99,716.96. Following the transaction, the director owned 28,108 shares of the company’s stock, valued at approximately $2,217,440.12. This represents a 4.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 on Wednesday, September 9th. The stock was sold at an average price of $70.36, for a total value of $293,541.92. Following the transaction, the chief accounting officer directly owned 65,692 shares in the company, valued at approximately $4,622,089.12. This represents a 5.97% decrease in their position. 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 a total of 84,625 shares of company stock worth $6,024,953 over the last ninety days. 7.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently commented on RNG. Rosenblatt Securities increased their price target on RingCentral from $80.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, October 26th. UBS Group set a $91.00 price target on RingCentral in a report on Friday, October 23rd. FBN Securities reiterated an “outperform” rating and issued a $105.00 price objective on shares of RingCentral in a research report on Friday, October 23rd. Wells Fargo & Company boosted their price objective on RingCentral from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Friday, October 23rd. Finally, Morgan Stanley increased their target price on RingCentral from $41.00 to $91.00 and gave the stock an “equal weight” rating in a report on Friday, October 23rd. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $93.92.

RingCentral Profile

RingCentral, Inc. provides cloud-based communications and collaboration services for businesses. Its offerings combine business phone service, video meetings, team messaging and related tools in a unified communications platform. The company also offers contact center services that help organizations manage customer interactions across channels, along with integrations with business software. Its services are delivered to organizations in multiple countries and regions. RingCentral was founded in 1999 by Vlad Shmunis, who serves as the company’s founder, chairman and chief executive officer.