OP Asset Management Ltd Makes New $6.89 Million Investment in RingCentral, Inc. $RNG

OP Asset Management Ltd acquired a new stake in RingCentral, Inc. (NYSE:RNG) during the first quarter, Holdings Channel.com reports. The institutional investor acquired 185,308 shares of the software maker’s stock, valued at approximately $6,892,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its stake 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 acquiring an additional 738 shares during the period. Rockefeller Capital Management L.P. increased its position in RingCentral by 70.5% in the fourth 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 during the period. Harvest Fund Management Co. Ltd acquired a new stake in RingCentral in the third quarter worth about $30,000. Global Retirement Partners LLC raised its holdings in RingCentral by 70.9% during the 4th quarter. Global Retirement Partners LLC now owns 1,540 shares of the software maker’s stock worth $44,000 after purchasing an additional 639 shares during the last quarter. Finally, Covestor Ltd raised its holdings in RingCentral by 198.5% during the 4th quarter. Covestor Ltd now owns 1,594 shares of the software maker’s stock worth $46,000 after purchasing an additional 1,060 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at RingCentral

In related news, CAO Tarun Arora sold 3,615 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $43.00, for a total value of $155,445.00. Following the completion of the sale, the chief accounting officer owned 68,100 shares in the company, valued at $2,928,300. This represents a 5.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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, COO Kira Makagon sold 16,988 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $42.54, for a total value of $722,669.52. Following the sale, the chief operating officer directly owned 212,724 shares in the company, valued at $9,049,278.96. The trade was a 7.40% 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. Insiders have sold a total of 41,656 shares of company stock valued at $1,780,310 over the last three months. 7.30% of the stock is currently owned by corporate insiders.

RingCentral Trading Down 3.5%

RingCentral stock opened at $34.58 on Friday. The firm has a market capitalization of $2.90 billion, a P/E ratio of 36.79, a PEG ratio of 1.05 and a beta of 1.14. The business has a 50-day moving average of $40.85 and a 200-day moving average of $35.21. RingCentral, Inc. has a 1 year low of $23.59 and a 1 year high of $49.85.

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

RingCentral Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, June 2nd were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 2nd. RingCentral’s dividend payout ratio (DPR) is currently 31.91%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Robert W. Baird set a $45.00 target price on shares of RingCentral in a research note on Friday, May 8th. Weiss Ratings upgraded shares of RingCentral from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 2nd. Jefferies Financial Group reaffirmed a “hold” rating and issued a $40.00 price objective on shares of RingCentral in a research note on Saturday, May 9th. Oppenheimer reaffirmed an “outperform” rating and set a $50.00 target price on shares of RingCentral in a report on Friday, May 8th. Finally, Zacks Research upgraded shares of RingCentral from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Three equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $43.00.

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.