RingCentral (NYSE:RNG) Downgraded by StockNews.com to Buy

RingCentral (NYSE:RNG) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Friday.

RNG has been the subject of several other reports. Deutsche Bank Aktiengesellschaft boosted their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Rosenblatt Securities raised RingCentral from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.00 to $45.00 in a report on Friday, August 2nd. Robert W. Baird raised their price target on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Wells Fargo & Company upped their price objective on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Piper Sandler decreased their target price on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and an average price target of $40.07.

RingCentral Trading Down 3.2 %

RNG stock opened at $28.06 on Friday. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $38.35. The business’s fifty day moving average price is $32.15 and its two-hundred day moving average price is $32.53.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. RingCentral’s revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.03) earnings per share. Equities analysts predict that RingCentral will post 0.63 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 10,184 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares in the company, valued at approximately $4,522,479.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the sale, the chief financial officer now directly owns 358,622 shares in the company, valued at approximately $11,995,905.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92. Following the sale, the chief financial officer now directly owns 137,545 shares in the company, valued at $4,522,479.60. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock worth $3,380,044 in the last three months. 6.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently modified their holdings of RNG. Versant Capital Management Inc lifted its stake in shares of RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after acquiring an additional 664 shares during the period. Newbridge Financial Services Group Inc. lifted its position in shares of RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after purchasing an additional 977 shares during the period. Hexagon Capital Partners LLC boosted its stake in shares of RingCentral by 44.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after purchasing an additional 410 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of RingCentral during the second quarter worth $39,000. Finally, PNC Financial Services Group Inc. raised its stake in RingCentral by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock worth $154,000 after buying an additional 540 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

About RingCentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.