RingCentral (NYSE:RNG) Downgraded by StockNews.com

StockNews.com cut shares of RingCentral (NYSE:RNG) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday.

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

RingCentral Stock Up 0.5 %

RNG stock opened at $34.11 on Friday. The business has a 50 day moving average of $31.49 and a 200-day moving average of $31.81. RingCentral has a 12-month low of $25.08 and a 12-month high of $38.35. The firm has a market cap of $3.14 billion, a PE ratio of -23.06, a P/E/G ratio of 2.55 and a beta of 1.03.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. During the same period last year, the company posted ($0.03) earnings per share. RingCentral’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, research analysts expect that RingCentral will post 0.63 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the transaction, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were 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 in the company, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock worth $3,386,396 over the last 90 days. Corporate insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RNG. Capital World Investors grew its stake in shares of RingCentral by 7.3% during the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock valued at $421,723,000 after buying an additional 825,156 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of RingCentral by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after purchasing an additional 538,325 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of RingCentral by 25.2% in the second quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after purchasing an additional 365,738 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of RingCentral by 130.1% in the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after purchasing an additional 234,238 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after purchasing an additional 192,766 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

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.