RingCentral (RNG) Climbs to 52-Week High on Swing to Profit, Dividends
We recently published 10 Stocks Outrunning the Market; 3 on a High. RingCentral Inc. (NYSE:RNG) was one of the best performers on Friday.
RingCentral soared to a new 52-week high on Friday, as investors took heart from the company’s swing to profitability last year, coupled with news that it would begin to distribute regular dividends on a quarterly basis moving forward.
At intra-day trading, the stock climbed to its highest price of $40.64 before paring gains to finish the session just up by 34.40 percent at $39.50 apiece.
In an updated report, RingCentral Inc. (NYSE:RNG) said that it swung to a net income of $43.39 million last year from a $58.2 million net loss in 2024. Total revenues jumped by 4 percent to $2.5 billion from $2.4 billion.
In the fourth quarter, RingCentral Inc. (NYSE:RNG) incurred a $22.97 million net income, reversing a $7.19 million net loss in the same comparable period. Total revenues inched up by 4.88 percent to $644 million from $614 million.
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Following the results, RingCentral Inc. (NYSE:RNG) said that it would distribute $0.075 in dividends to all shareholders on record as of March 9, payable on March 16.
It added that it intends to pay a cash dividend on a quarterly basis going forward, subject to market conditions and approval by the Board of Directors.
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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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