Invenomic Capital Management LP Grows Stock Position in RingCentral, Inc. $RNG

Invenomic Capital Management LP boosted its position in shares of RingCentral, Inc. (NYSE:RNG) by 3.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,538,034 shares of the software maker’s stock after acquiring an additional 55,587 shares during the quarter. RingCentral accounts for 2.1% of Invenomic Capital Management LP’s investment portfolio, making the stock its 7th largest holding. Invenomic Capital Management LP’s holdings in RingCentral were worth $44,418,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RNG. EverSource Wealth Advisors LLC raised its position in shares of RingCentral by 269.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker’s stock valued at $29,000 after buying an additional 738 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of RingCentral during the third quarter valued at approximately $30,000. Jones Financial Companies Lllp raised its position in shares of RingCentral by 61.6% during the third quarter. Jones Financial Companies Lllp now owns 1,217 shares of the software maker’s stock valued at $37,000 after buying an additional 464 shares during the last quarter. Global Retirement Partners LLC raised its position in shares of RingCentral by 70.9% during the fourth quarter. Global Retirement Partners LLC now owns 1,540 shares of the software maker’s stock valued at $44,000 after buying an additional 639 shares during the last quarter. Finally, Covestor Ltd raised its position in shares of RingCentral by 198.5% during the fourth quarter. Covestor Ltd now owns 1,594 shares of the software maker’s stock valued at $46,000 after buying an additional 1,060 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Analysts Set New Price Targets

RNG has been the topic of several recent analyst reports. Needham & Company LLC lifted their price objective on shares of RingCentral from $36.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Weiss Ratings upgraded shares of RingCentral from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 2nd. Robert W. Baird set a $45.00 price objective on shares of RingCentral in a research report on Friday, May 8th. Wells Fargo & Company raised their target price on shares of RingCentral from $32.00 to $43.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $40.00 target price on shares of RingCentral in a report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, RingCentral has an average rating of “Hold” and an average price target of $43.00.

RingCentral Stock Performance

RNG stock opened at $35.56 on Thursday. The firm has a fifty day moving average price of $41.03 and a 200 day moving average price of $34.96. RingCentral, Inc. has a fifty-two week low of $23.59 and a fifty-two week high of $49.85. The firm has a market cap of $2.98 billion, a PE ratio of 37.83, a price-to-earnings-growth ratio of 1.12 and a beta of 1.14.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, May 7th. The software maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.17 by $0.03. RingCentral had a net margin of 3.31% and a negative return on equity of 33.75%. The company had revenue of $644.20 million during the quarter, compared to analyst estimates of $642.73 million. During the same period in the previous year, the firm earned $1.00 earnings per share. RingCentral’s quarterly revenue was up 5.3% compared to the same quarter last year. RingCentral has set its FY 2026 guidance at 4.850-5.010 EPS and its Q2 2026 guidance at 1.150-1.170 EPS. On average, equities analysts predict that RingCentral, Inc. will post 2.79 EPS for the current year.

RingCentral Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, June 2nd were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Tuesday, June 2nd. RingCentral’s dividend payout ratio (DPR) is 31.91%.

Insider Transactions at RingCentral

In other news, COO Kira Makagon sold 16,988 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $42.54, for a total value of $722,669.52. Following the completion of the sale, the chief operating officer owned 212,724 shares in the company, valued at approximately $9,049,278.96. This trade represents a 7.40% decrease in their position. The transaction was disclosed in a legal 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 3,615 shares of the firm’s stock in a transaction dated 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 owned 68,100 shares of the company’s stock, valued at $2,928,300. This trade represents a 5.04% 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. In the last quarter, insiders sold 41,656 shares of company stock worth $1,780,310. 7.30% of the stock is currently owned by insiders.

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.