RingCentral (NYSE:RNG) Hits New 12-Month High – Here’s What Happened

RingCentral, Inc. (NYSE:RNG)’s stock price hit a new 52-week high on Thursday . The company traded as high as $68.88 and last traded at $69.0770, with a volume of 196093 shares. The stock had previously closed at $66.06.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RNG. Robert W. Baird set a $45.00 price objective on shares of RingCentral in a report on Friday, May 8th. Needham & Company LLC boosted their target price on shares of RingCentral from $55.00 to $85.00 and gave the company a “buy” rating in a research note on Friday. Oppenheimer reissued an “outperform” rating and set a $50.00 target price on shares of RingCentral in a research report on Friday, May 8th. Wells Fargo & Company raised their price target on shares of RingCentral from $43.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of RingCentral in a report on Friday, July 17th. Three 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, RingCentral presently has an average rating of “Hold” and an average target price of $49.60.

RingCentral Price Performance

The firm has a market capitalization of $5.80 billion, a PE ratio of 55.54, a P/E/G ratio of 1.18 and a beta of 1.10. The company’s fifty day simple moving average is $51.20 and its 200 day simple moving average is $43.00.

RingCentral (NYSE:RNG) last posted 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. The firm had revenue of $657.01 million during the quarter, compared to the consensus estimate 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 was up 5.9% on a year-over-year basis. During the same quarter last year, the company earned $1.06 earnings per share. 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, analysts anticipate that RingCentral, Inc. will post 2.89 earnings per share for the current fiscal year.

RingCentral Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were issued a $0.125 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This is an increase from RingCentral’s previous quarterly dividend of $0.07. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. RingCentral’s dividend payout ratio is 40.00%.

Insider Buying and Selling

In other RingCentral news, Director Robert I. Theis sold 2,530 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.28, for a total value of $101,908.40. Following the completion of the transaction, the director owned 30,834 shares in the company, valued at $1,241,993.52. This trade represents a 7.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Agarwal sold 7,047 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $46.17, for a total value of $325,359.99. Following the completion of the transaction, the chief financial officer owned 169,282 shares of the company’s stock, valued at approximately $7,815,749.94. This represents a 4.00% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 19,125 shares of company stock valued at $1,020,278 in the last ninety days. 7.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On RingCentral

A number of institutional investors and hedge funds have recently modified their holdings of the company. WealthCollab LLC grew its stake in RingCentral by 59.7% during the first quarter. WealthCollab LLC now owns 693 shares of the software maker’s stock valued at $26,000 after acquiring an additional 259 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in 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 acquiring an additional 410 shares during the period. EverSource Wealth Advisors LLC lifted its stake in RingCentral by 269.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker’s stock worth $29,000 after purchasing an additional 738 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in RingCentral by 70.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker’s stock worth $30,000 after purchasing an additional 424 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in RingCentral in the 3rd quarter valued at $30,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

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.