State of Wyoming Sells 9,047 Shares of RingCentral, Inc. $RNG

State of Wyoming lowered its position in shares of RingCentral, Inc. (NYSE:RNG) by 56.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 7,092 shares of the software maker’s stock after selling 9,047 shares during the period. State of Wyoming’s holdings in RingCentral were worth $530,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Quantinno Capital Management LP boosted its position in shares of RingCentral by 150.4% during 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 in the last quarter. Dimensional Fund Advisors LP lifted its stake in RingCentral by 8.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,308,949 shares of the software maker’s stock valued at $48,676,000 after purchasing an additional 101,002 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in RingCentral by 28.6% during 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 purchasing an additional 130,418 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in RingCentral during the first quarter valued at approximately $13,719,000. Finally, Hillsdale Investment Management Inc. boosted its holdings in RingCentral by 0.3% during the first quarter. Hillsdale Investment Management Inc. now owns 294,050 shares of the software maker’s stock worth $10,936,000 after buying an additional 800 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Stock Performance

RNG stock opened at $77.51 on Tuesday. The firm has a 50 day simple moving average of $76.00 and a 200 day simple moving average of $49.38. RingCentral, Inc. has a 52 week low of $24.14 and a 52 week high of $98.14. The stock has a market cap of $6.47 billion, a P/E ratio of 10.25, a P/E/G ratio of 1.46 and a beta of 1.10.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, October 22nd. The software maker reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.05. The company had revenue of $676.04 million during 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%. The company’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.13 EPS. Sell-side analysts predict that RingCentral, Inc. will post 2.96 EPS for the current year.

RingCentral Announces Dividend

The company 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 dividend of $0.1250 per share. The ex-dividend date of this dividend 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%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Needham & Company LLC upped their price target on RingCentral from $85.00 to $110.00 and gave the company a “buy” rating in a report on Friday, October 23rd. Wells Fargo & Company boosted their target price on RingCentral from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Friday, October 23rd. UBS Group set a $91.00 price target on shares of RingCentral in a research report on Friday, October 23rd. FBN Securities reaffirmed an “outperform” rating and issued a $105.00 price objective on shares of RingCentral in a research note on Friday, October 23rd. Finally, Mizuho set a $85.00 price objective on shares of RingCentral in a research report on Friday, October 23rd. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, RingCentral presently has a consensus rating of “Hold” and a consensus price target of $93.92.

Insider Activity

In other news, COO Kira Makagon sold 36,185 shares of the firm’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 directly owned 245,385 shares of the company’s stock, valued at $17,203,942.35. This trade represents a 12.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy Shenkan sold 1,264 shares of RingCentral stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $78.89, for a total value of $99,716.96. Following the sale, 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 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. In the last quarter, insiders have sold 84,625 shares of company stock valued at $6,024,953. 7.30% of the stock is currently owned by company insiders.

RingCentral 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.