RingCentral (NYSE:RNG) Lifted to Hold at Wedbush

Wedbush upgraded shares of RingCentral (NYSE:RNG) to a hold rating in a research note issued to investors on Thursday morning, Zacks.com reports.

Several other equities research analysts also recently commented on RNG. Northland Securities boosted their target price on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft upped their price target 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. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research note on Monday, August 5th. Piper Sandler dropped their target price on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.07.

RingCentral Price Performance

Shares of NYSE RNG opened at $33.93 on Thursday. RingCentral has a 1 year low of $25.08 and a 1 year high of $38.35. The firm has a 50-day moving average of $31.49 and a 200 day moving average of $31.82. The stock has a market cap of $3.13 billion, a P/E ratio of -22.77, a price-to-earnings-growth ratio of 2.55 and a beta of 1.03.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating 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. During the same period in the prior year, the business posted ($0.03) EPS. RingCentral’s revenue for the quarter was up 9.9% on a year-over-year basis. Research analysts expect that RingCentral will post 0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,256,584. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO John H. Marlow sold 19,498 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the sale, the chief accounting officer now directly owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,824 shares of company stock valued at $3,386,396. Insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Versant Capital Management Inc boosted its holdings in shares of RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares during the period. Hexagon Capital Partners LLC lifted its stake in shares of RingCentral by 44.1% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after acquiring an additional 410 shares during the last quarter. Point72 DIFC Ltd purchased a new position in RingCentral during the 2nd quarter valued at $39,000. Central Pacific Bank Trust Division bought a new position in RingCentral in the 3rd quarter valued at $121,000. Finally, PNC Financial Services Group Inc. increased its stake in RingCentral by 13.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock worth $154,000 after purchasing an additional 540 shares during the period. 98.61% of the stock is currently owned by institutional investors.

RingCentral Company Profile

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.