RingCentral (NYSE:RNG) Rating Lowered to Buy at StockNews.com

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

Other research analysts have also issued reports about the company. Mizuho cut their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Robert W. Baird dropped their target price on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. UBS Group dropped their target price on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Morgan Stanley raised their target price on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC dropped their target price on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $37.69.

RingCentral Price Performance

Shares of NYSE:RNG opened at $28.08 on Friday. The business’s 50-day moving average is $32.95 and its 200 day moving average is $33.92. The firm has a market capitalization of $2.55 billion, a P/E ratio of -43.87, a P/E/G ratio of 1.27 and a beta of 1.20. RingCentral has a 1 year low of $26.98 and a 1 year high of $42.19.

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 analysts’ consensus estimates of $0.96 by ($0.73). The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, analysts expect that RingCentral will post 1.29 EPS for the current year.

Insiders Place Their Bets

In other RingCentral news, SVP John H. Marlow sold 8,720 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the transaction, the senior vice president now owns 334,869 shares in the company, valued at approximately $14,081,241.45. This represents a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the transaction, the chief executive officer now owns 444,740 shares in the company, valued at $12,701,774.40. This represents a 21.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 259,374 shares of company stock worth $7,587,178. 6.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

Several hedge funds and other institutional investors have recently made changes to their positions in RNG. Creative Planning purchased a new position in shares of RingCentral in the third quarter valued at approximately $211,000. Robeco Institutional Asset Management B.V. purchased a new position in shares of RingCentral in the third quarter valued at approximately $386,000. Principal Financial Group Inc. purchased a new position in shares of RingCentral in the third quarter valued at approximately $233,000. State of New Jersey Common Pension Fund D lifted its position in shares of RingCentral by 9.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 58,947 shares of the software maker’s stock valued at $1,864,000 after acquiring an additional 5,085 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its position in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after acquiring an additional 1,119 shares in the last quarter. 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.