RingCentral (NYSE:RNG) Receives “Outperform” Rating from Raymond James

Raymond James reiterated their outperform rating on shares of RingCentral (NYSE:RNG) in a report published on Friday, MarketBeat.com reports. Raymond James currently has a $45.00 target price on the software maker’s stock, down from their prior target price of $50.00.

A number of other research firms have also weighed in on RNG. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Mizuho restated a “neutral” rating and set a $42.00 target price on shares of RingCentral in a report on Friday, December 13th. Piper Sandler increased their price target on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Morgan Stanley boosted their price objective on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $41.64.

RingCentral Price Performance

Shares of RingCentral stock opened at $35.40 on Friday. The stock has a market capitalization of $3.20 billion, a P/E ratio of -33.40, a PEG ratio of 2.48 and a beta of 0.99. The business has a 50 day simple moving average of $37.33 and a two-hundred day simple moving average of $33.42. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. As a group, research analysts anticipate that RingCentral will post 0.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the transaction, the senior vice president now owns 357,818 shares in the company, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the transaction, the director now owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,188 shares of company stock worth $4,113,047 over the last three months. Company insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNG. Central Pacific Bank Trust Division grew its position in RingCentral by 31.1% in the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock valued at $176,000 after buying an additional 1,194 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of RingCentral in the 3rd quarter worth $233,000. 272 Capital LP purchased a new stake in shares of RingCentral in the third quarter valued at about $436,000. Sanctuary Advisors LLC acquired a new position in shares of RingCentral during the third quarter worth about $178,000. Finally, Neo Ivy Capital Management purchased a new position in RingCentral during the third quarter worth about $708,000. Hedge funds and other institutional investors 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.