RingCentral (NYSE:RNG) Lifted to Strong-Buy at StockNews.com

StockNews.com upgraded shares of RingCentral (NYSE:RNG) from a buy rating to a strong-buy rating in a research note published on Friday.

A number of other analysts have also recently issued reports on RNG. Northland Securities upped their target price on RingCentral from $43.00 to $50.00 and gave the company an outperform rating in a research report on Friday, August 2nd. Piper Sandler cut 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. Needham & Company LLC reiterated a buy rating and set a $42.00 price target on shares of RingCentral in a research note on Monday, August 5th. Rosenblatt Securities upgraded shares of RingCentral from a neutral rating to a buy rating and lifted their price objective for the company from $35.00 to $45.00 in a research note on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of RingCentral from $42.00 to $45.00 and gave the stock a buy rating in a research note on Tuesday, August 6th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $40.07.

RingCentral Stock Performance

RNG opened at $32.72 on Friday. The company’s 50-day simple moving average is $31.53 and its two-hundred day simple moving average is $31.84. The stock has a market capitalization of $3.00 billion, a P/E ratio of -23.04, a P/E/G ratio of 2.44 and a beta of 1.03. RingCentral has a 52-week low of $25.08 and a 52-week high of $38.35.

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

Insider Activity

In related news, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total transaction of $334,849.92. Following the sale, the chief financial officer now owns 137,545 shares of the company’s stock, valued at approximately $4,522,479.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Vaibhav Agarwal sold 10,184 shares of the company’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 value of $334,849.92. Following the sale, the chief financial officer now owns 137,545 shares in the company, valued at $4,522,479.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the transaction, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock worth $3,386,396 in the last 90 days. 6.76% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RingCentral

A number of large investors have recently added to or reduced their stakes in RNG. Versant Capital Management Inc grew its position 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 valued at $32,000 after purchasing an additional 664 shares during the last quarter. Newbridge Financial Services Group Inc. grew its holdings in RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after buying an additional 977 shares during the last quarter. Hexagon Capital Partners LLC increased its position in RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after buying an additional 410 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of RingCentral in the second quarter worth $39,000. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of RingCentral during the third quarter valued at $121,000. 98.61% of the stock is owned by institutional investors and hedge funds.

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.