Can a Transmutation Wizard cast ritual transmutation spells to change the active effect of their Stone?

The text for a School of Transmutation wizard’s transmuter’s stone is as follows (PHB p.119):

Each time you cast a transmutation spell of 1st level or higher, you can change the effect of your stone if the stone is on your person.

Does this mean that if a ritual spell such as skywrite (XGE p.165) was cast, the wizard would be able to change what effect their Stone has active?