Renaissance Technologies LLC Reduces Stock Holdings in RingCentral, Inc. $RNG

Renaissance Technologies LLC lowered its stake in shares of RingCentral, Inc. (NYSE:RNG) by 11.3% during the first quarter, Holdings Channel reports. The firm owned 1,212,681 shares of the software maker’s stock after selling 155,000 shares during the period. Renaissance Technologies LLC’s holdings in RingCentral were worth $45,100,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Empowered Funds LLC boosted its holdings in shares of RingCentral by 9.0% in the 1st quarter. Empowered Funds LLC now owns 11,417 shares of the software maker’s stock valued at $283,000 after buying an additional 940 shares in the last quarter. Woodline Partners LP raised its stake in RingCentral by 14.8% during the 1st quarter. Woodline Partners LP now owns 159,474 shares of the software maker’s stock worth $3,949,000 after acquiring an additional 20,518 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in RingCentral by 2.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,190 shares of the software maker’s stock valued at $6,467,000 after acquiring an additional 5,398 shares during the last quarter. Creative Planning purchased a new stake in RingCentral in the second quarter valued at $274,000. Finally, Invesco Ltd. boosted its stake in RingCentral by 10.8% in the second quarter. Invesco Ltd. now owns 137,935 shares of the software maker’s stock valued at $3,910,000 after acquiring an additional 13,446 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Buying and Selling

In related news, CAO Tarun Arora sold 3,615 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $43.00, for a total transaction of $155,445.00. Following the completion of the sale, the chief accounting officer directly owned 68,100 shares of the company’s stock, valued at $2,928,300. This trade represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 Guggenheim Shenkan sold 1,265 shares of RingCentral stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.59, for a total transaction of $51,346.35. Following the completion of the transaction, the director owned 29,372 shares in the company, valued at approximately $1,192,209.48. This trade represents a 4.13% 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 ninety days, insiders sold 38,628 shares of company stock worth $1,656,201. 7.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on RNG shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $50.00 price objective on shares of RingCentral in a report on Friday. 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. Morgan Stanley upped their target price on RingCentral from $33.00 to $40.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Oppenheimer restated an “outperform” rating and set a $50.00 price target on shares of RingCentral in a research note on Friday, May 8th. Finally, Piper Sandler lifted their price target on RingCentral from $40.00 to $43.00 and gave the stock a “neutral” rating in a research report on Friday. Three investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $44.40.

RingCentral Stock Performance

Shares of RingCentral stock opened at $53.80 on Tuesday. The company has a market capitalization of $4.51 billion, a P/E ratio of 43.04, a PEG ratio of 1.42 and a beta of 1.14. RingCentral, Inc. has a 1 year low of $23.59 and a 1 year high of $55.30. The company’s fifty day moving average is $40.68 and its two-hundred day moving average is $37.02.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, July 23rd. The software maker reported $1.22 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $650.53 million. During the same quarter in the prior year, the firm earned $1.06 earnings per share. The business’s quarterly 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. As a group, equities analysts expect that RingCentral, Inc. will post 2.78 earnings per share for the current year.

RingCentral Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be paid a $0.125 dividend. This is an increase from RingCentral’s previous quarterly dividend of $0.07. The ex-dividend date is Thursday, August 6th. This represents a $0.50 annualized dividend and a dividend yield of 0.9%. RingCentral’s dividend payout ratio (DPR) is 24.00%.

About RingCentral

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.