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

RingCentral (NYSE:RNG) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Saturday.

RNG has been the subject of a number of other research reports. Rosenblatt Securities dropped their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Piper Sandler cut their price target on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Barclays decreased their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Raymond James dropped their target price on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, February 21st. Finally, Wells Fargo & Company reaffirmed an “underweight” rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $37.69.

RingCentral Stock Down 0.6 %

RNG stock opened at $28.42 on Friday. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The company has a market cap of $2.57 billion, a PE ratio of -44.40, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. The business’s 50-day simple moving average is $34.04 and its 200 day simple moving average is $34.13.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). The firm had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. On average, equities research analysts anticipate that RingCentral will post 1.29 EPS for the current year.

Insider Buying and Selling at RingCentral

In other news, CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the sale, the chief executive officer now directly owns 568,300 shares in the company, valued at approximately $16,384,089. This trade represents a 10.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 value 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 represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 260,831 shares of company stock worth $7,642,238. 6.97% of the stock is currently owned by insiders.

Institutional Trading of RingCentral

Several hedge funds have recently modified their holdings of RNG. Kayne Anderson Rudnick Investment Management LLC bought a new position in RingCentral in the 4th quarter worth approximately $49,000. Venturi Wealth Management LLC increased its stake in shares of RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares during the period. Quarry LP raised its position in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the last quarter. KBC Group NV lifted its stake in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of RingCentral during the fourth quarter valued at $173,000. 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.