Key Points
- COO Kira Makagon sold 36,185 RingCentral shares at an average price of $70.11, generating approximately $2.54 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, leaving her with 245,385 shares.
- RingCentral reported quarterly EPS of $1.22, beating analysts’ $1.16 estimate, while revenue reached $657.01 million, up 5.9% year over year and above expectations.
- The stock opened at $73.66, near its 52-week high, while analysts maintained a consensus “Hold” rating with an average price target of $56.00. The company also increased its quarterly dividend to $0.125 per share.
RingCentral, Inc. (NYSE:RNG - Get Free Report) COO Kira Makagon sold 36,185 shares of the business's stock in a transaction that occurred on 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 transaction, the chief operating officer 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 filing 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.
RingCentral Trading Up 1.7%
Shares of NYSE:RNG opened at $73.66 on Thursday. RingCentral, Inc. has a 52 week low of $24.14 and a 52 week high of $77.95. The company's 50 day moving average is $59.90 and its two-hundred day moving average is $46.75. The company has a market cap of $6.15 billion, a PE ratio of 58.93, a P/E/G ratio of 1.25 and a beta of 1.14.
RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.06. The business had revenue of $657.01 million during the quarter, compared to analysts' expectations of $650.53 million. RingCentral had a net margin of 4.27% and a negative return on equity of 34.49%. The company's revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.06 EPS. RingCentral has set its FY 2026 guidance at 4.960-5.100 EPS and its Q3 2026 guidance at 1.250-1.300 EPS. As a group, equities research analysts expect that RingCentral, Inc. will post 2.89 EPS for the current year.
RingCentral Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were paid a $0.125 dividend. This is a boost from RingCentral's previous quarterly dividend of $0.07. This represents a $0.50 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Thursday, August 6th. RingCentral's payout ratio is 40.00%.
Institutional Trading of RingCentral
Several institutional investors and hedge funds have recently bought and sold shares of RNG. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of RingCentral during the first quarter worth $697,000. Jupiter Asset Management Ltd. grew its position in RingCentral by 11.4% in the 4th quarter. Jupiter Asset Management Ltd. now owns 1,456,270 shares of the software maker's stock valued at $42,057,000 after buying an additional 149,532 shares during the last quarter. LSV Asset Management increased its stake in RingCentral by 142.4% in the 4th quarter. LSV Asset Management now owns 2,871,700 shares of the software maker's stock valued at $82,935,000 after buying an additional 1,686,900 shares during the period. Insight Wealth Strategies LLC purchased a new position in RingCentral during the 2nd quarter worth $6,636,000. Finally, Maryland State Retirement & Pension System purchased a new position in RingCentral during the 1st quarter worth $584,000. Hedge funds and other institutional investors own 98.61% of the company's stock.
Wall Street Analysts Forecast Growth
Several research analysts have recently issued reports on RNG shares. Piper Sandler upped their price objective on RingCentral from $40.00 to $43.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Wells Fargo & Company boosted their target price on RingCentral from $43.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 25th. Mizuho boosted their target price on RingCentral from $38.00 to $40.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Needham & Company LLC upped their target price on RingCentral from $55.00 to $85.00 and gave the company a "buy" rating in a research report on Friday, August 28th. Finally, Oppenheimer raised their price target on RingCentral from $50.00 to $85.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 1st. Four analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, RingCentral currently has a consensus rating of "Hold" and an average target price of $56.00.
Read Our Latest Report on RingCentral
About RingCentral
(
Get Free Report)
RingCentral, Inc is a cloud communications and collaboration company that provides business communications software through a subscription-based platform. Its services are designed to help organizations manage voice, messaging, video meetings, team collaboration and other communications across devices and locations.
The company's offerings include RingEX, its unified communications platform; RingCentral Video for online meetings and collaboration; RingCentral Events for virtual and hybrid events; and contact center products, including RingCX.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
