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

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

Several other research firms also recently commented on RNG. Barclays cut their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Piper Sandler cut their price objective on RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Robert W. Baird reduced their target price on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Mizuho dropped their target price on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. Finally, Wells Fargo & Company reissued an “underweight” rating and set a $30.00 price target (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, RingCentral has a consensus rating of “Hold” and an average target price of $37.69.

RingCentral Stock Performance

NYSE RNG opened at $27.12 on Monday. RingCentral has a twelve month low of $26.22 and a twelve month high of $42.19. The stock has a market cap of $2.46 billion, a PE ratio of -42.37, a PEG ratio of 1.27 and a beta of 1.20. The firm has a 50-day simple moving average of $31.93 and a 200 day simple moving average of $33.64.

RingCentral (NYSE:RNG) last issued its earnings results 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). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. Research analysts forecast that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the transaction, the senior vice president now directly owns 313,510 shares in the company, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock worth $7,099,279 in the last quarter. 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. Hennessy Advisors Inc. acquired a new position in RingCentral in the fourth quarter valued at about $59,055,000. Arrowstreet Capital Limited Partnership grew its position in shares of 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 purchasing an additional 1,164,241 shares during the period. Pacer Advisors Inc. increased its stake in RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in RingCentral during the 4th quarter worth approximately $20,792,000. Finally, Capital World Investors lifted its stake in RingCentral by 5.9% in the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after buying an additional 591,398 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

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.