Teachers Retirement System of The State of Kentucky Takes $701,000 Position in RingCentral, Inc. $RNG

Teachers Retirement System of The State of Kentucky acquired a new stake in RingCentral, Inc. (NYSE:RNG) in the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 18,850 shares of the software maker’s stock, valued at approximately $701,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its holdings in RingCentral by 269.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the software maker’s stock worth $29,000 after acquiring an additional 738 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of RingCentral by 70.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,025 shares of the software maker’s stock valued at $30,000 after purchasing an additional 424 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of RingCentral in the 3rd quarter valued at about $30,000. SJS Investment Consulting Inc. lifted its position in shares of RingCentral by 598.3% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,222 shares of the software maker’s stock worth $45,000 after purchasing an additional 1,047 shares during the period. Finally, Global Retirement Partners LLC lifted its position in shares of RingCentral by 70.9% in 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 period. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 7,047 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $46.17, for a total transaction of $325,359.99. Following the transaction, the chief financial officer directly owned 169,282 shares in the company, valued at $7,815,749.94. The trade was a 4.00% decrease in their position. The sale was disclosed in a filing 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 the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.59, for a total value of $51,346.35. Following the transaction, the director directly owned 29,372 shares in the company, valued at $1,192,209.48. This 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 90 days, insiders have sold 45,451 shares of company stock worth $1,933,565. Company insiders own 7.30% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on RNG. Morgan Stanley increased their price objective on shares of RingCentral from $33.00 to $40.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Robert W. Baird set a $45.00 target price on RingCentral in a research report on Friday, May 8th. Oppenheimer reiterated an “outperform” rating and issued a $50.00 price target on shares of RingCentral in a report on Friday, May 8th. Rosenblatt Securities boosted their price target on RingCentral from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Jefferies Financial Group restated a “hold” rating and set a $40.00 price objective on shares of RingCentral in a research note on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and an average target price of $43.00.

RingCentral Stock Up 2.8%

Shares of RingCentral stock opened at $41.85 on Friday. The company has a market cap of $3.51 billion, a P/E ratio of 44.52, a PEG ratio of 1.20 and a beta of 1.14. The firm’s 50 day moving average price is $40.51 and its 200-day moving average price is $36.32. RingCentral, Inc. has a 52-week low of $23.59 and a 52-week high of $49.85.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, May 7th. The software maker reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The company had revenue of $644.20 million during the quarter, compared to analysts’ expectations of $642.73 million. RingCentral had a net margin of 3.31% and a negative return on equity of 33.75%. RingCentral’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.00 earnings per share. RingCentral has set its FY 2026 guidance at 4.850-5.010 EPS and its Q2 2026 guidance at 1.150-1.170 EPS. As a group, equities research analysts forecast that RingCentral, Inc. will post 2.78 EPS for the current fiscal year.

RingCentral Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.7%. RingCentral’s dividend payout ratio is presently 31.91%.

RingCentral Profile

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.