Rosenblatt Securities Reiterates “Buy” Rating for RingCentral (NYSE:RNG)

Rosenblatt Securities restated their buy rating on shares of RingCentral (NYSE:RNG) in a research report released on Friday morning, Benzinga reports. The brokerage currently has a $45.00 target price on the software maker’s stock.

A number of other research analysts have also recently issued reports on RNG. Northland Securities lifted their price target on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Wedbush upgraded shares of RingCentral to a “hold” rating in a research report on Thursday, October 17th. Piper Sandler decreased their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 19th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, RingCentral currently has an average rating of “Moderate Buy” and a consensus target price of $40.07.

RingCentral Price Performance

NYSE RNG opened at $36.16 on Friday. The stock’s 50 day simple moving average is $31.76 and its 200 day simple moving average is $32.00. RingCentral has a one year low of $26.23 and a one year high of $38.35. The firm has a market cap of $3.32 billion, a PE ratio of -25.46, a price-to-earnings-growth ratio of 2.80 and a beta of 0.99.

Insider Buying and Selling

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the sale, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,256,584. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the transaction, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 103,824 shares of company stock worth $3,386,396. 6.76% of the stock is owned by insiders.

Institutional Trading of RingCentral

A number of hedge funds have recently modified their holdings of RNG. Capital World Investors raised its stake in RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after purchasing an additional 825,156 shares in the last quarter. Vanguard Group Inc. raised its position in RingCentral by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after purchasing an additional 538,325 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of RingCentral by 25.2% during the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after buying an additional 365,738 shares during the last quarter. Cubist Systematic Strategies LLC raised its stake in RingCentral by 130.1% during the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after acquiring an additional 234,238 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after acquiring an additional 192,766 shares during 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.