RingCentral (NYSE:RNG) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of RingCentral (NYSE:RNG) from a buy rating to a strong-buy rating in a report issued on Thursday morning.

A number of other equities analysts also recently commented on RNG. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th. Wedbush raised their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Piper Sandler raised their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Mizuho reduced their price objective on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, February 10th. Finally, Raymond James reaffirmed an “outperform” rating and set a $45.00 price objective (down from $50.00) on shares of RingCentral in a report on Friday, January 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.15.

RingCentral Price Performance

Shares of RingCentral stock opened at $28.90 on Thursday. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The firm has a fifty day moving average price of $34.82 and a two-hundred day moving average price of $34.25. The company has a market cap of $2.61 billion, a PE ratio of -45.16, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. Analysts expect that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In related news, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the completion of the transaction, the director now directly owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This trade represents a 4.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP John H. Marlow sold 8,720 shares of RingCentral stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total transaction of $366,676.00. Following the transaction, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at $14,081,241.45. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,091 shares of company stock valued at $542,958 in the last ninety days. Insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. Hennessy Advisors Inc. acquired a new stake in RingCentral in the 4th quarter valued at about $59,055,000. Arrowstreet Capital Limited Partnership increased its position in RingCentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after acquiring an additional 1,164,241 shares in the last quarter. Pacer Advisors Inc. increased its position in RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after acquiring an additional 822,892 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in RingCentral in the 4th quarter valued at about $20,792,000. Finally, Capital World Investors increased its position in RingCentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after acquiring an additional 591,398 shares in 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.