Fifth Third Bancorp Purchases Shares of 46,573 RingCentral, Inc. $RNG

Fifth Third Bancorp acquired a new position in shares of RingCentral, Inc. (NYSE:RNG) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 46,573 shares of the software maker’s stock, valued at approximately $1,732,000. Fifth Third Bancorp owned approximately 0.05% of RingCentral at the end of the most recent quarter.

A number of other large investors have also modified their holdings of RNG. Alyeska Investment Group L.P. acquired a new stake in RingCentral during the third quarter worth $53,365,000. LSV Asset Management raised its stake in shares of RingCentral by 142.4% in the 4th quarter. LSV Asset Management now owns 2,871,700 shares of the software maker’s stock valued at $82,935,000 after buying an additional 1,686,900 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of RingCentral by 35.4% during the 4th quarter. AQR Capital Management LLC now owns 2,003,950 shares of the software maker’s stock worth $57,874,000 after acquiring an additional 523,966 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of RingCentral by 138.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 811,747 shares of the software maker’s stock worth $23,113,000 after acquiring an additional 471,559 shares during the period. Finally, Two Sigma Investments LP boosted its position in shares of RingCentral by 130.5% during the 3rd quarter. Two Sigma Investments LP now owns 490,255 shares of the software maker’s stock valued at $13,894,000 after acquiring an additional 277,577 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of RingCentral from $32.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Robert W. Baird set a $45.00 price objective on RingCentral in a report on Friday, May 8th. Morgan Stanley upped their price objective on RingCentral from $33.00 to $40.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Needham & Company LLC reissued a “buy” rating on shares of RingCentral in a report on Monday. Finally, Rosenblatt Securities raised their target price on RingCentral from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $43.00.

Insiders Place Their Bets

In related news, Director Robert I. Theis sold 2,530 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were 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. The trade was a 7.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kira Makagon sold 16,988 shares of the stock in a transaction on 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 transaction, the chief operating officer owned 212,724 shares in the company, valued at $9,049,278.96. The trade was a 7.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 44,498 shares of company stock valued at $1,892,586 over the last quarter. Company insiders own 7.30% of the company’s stock.

RingCentral Stock Down 4.7%

NYSE:RNG opened at $37.70 on Thursday. The firm has a market cap of $3.16 billion, a PE ratio of 40.11, a price-to-earnings-growth ratio of 1.16 and a beta of 1.14. RingCentral, Inc. has a 12 month low of $23.59 and a 12 month high of $49.85. The company’s 50-day moving average price is $40.28 and its two-hundred day moving average price is $36.62.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $1.20 earnings per share 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 firm had revenue of $644.20 million for the quarter, compared to analysts’ expectations of $642.73 million. During the same period in the prior year, the firm earned $1.00 earnings per share. The company’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, research analysts expect that RingCentral, Inc. will post 2.78 EPS for the current fiscal year.

RingCentral Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, June 2nd were issued a $0.075 dividend. 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 0.8%. RingCentral’s dividend payout ratio (DPR) is currently 31.91%.

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.