RingCentral (NYSE:RNG) Upgraded to Hold at Wedbush

RingCentral (NYSE:RNG) was upgraded by equities researchers at Wedbush to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

RNG has been the subject of several other research reports. Robert W. Baird upped their price objective on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Rosenblatt Securities raised RingCentral from a “neutral” rating to a “buy” rating and upped their price objective for the company from $35.00 to $45.00 in a research note on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, August 5th. Northland Securities increased their price target on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company boosted their target price on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.07.

RingCentral Stock Performance

RingCentral stock opened at $33.91 on Thursday. The firm has a 50 day moving average price of $31.49 and a 200 day moving average price of $31.83. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $38.35. The company has a market capitalization of $3.11 billion, a PE ratio of -23.88, a price-to-earnings-growth ratio of 2.55 and a beta of 1.03.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analysts’ expectations of $586.39 million. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.03) earnings per share. As a group, equities research analysts forecast that RingCentral will post 0.63 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 62,244 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the sale, the chief executive officer now directly owns 573,725 shares in the company, valued at approximately $18,651,799.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the transaction, the chief accounting officer now directly owns 391,542 shares in the company, valued at approximately $12,732,945.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction on 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 sale, the chief executive officer now directly owns 573,725 shares in the company, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock valued at $3,386,396 in the last ninety days. Insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Several large investors have recently modified their holdings of RNG. nVerses Capital LLC grew its holdings in RingCentral by 916.7% during the 3rd quarter. nVerses Capital LLC now owns 6,100 shares of the software maker’s stock worth $193,000 after acquiring an additional 5,500 shares in the last quarter. Creative Planning bought a new position in shares of RingCentral during the third quarter worth about $211,000. Wedge Capital Management L L P NC grew its stake in RingCentral by 13.9% in the third quarter. Wedge Capital Management L L P NC now owns 65,647 shares of the software maker’s stock worth $2,076,000 after purchasing an additional 8,019 shares in the last quarter. CWM LLC increased its holdings in RingCentral by 595.9% in the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after buying an additional 4,064 shares during the last quarter. Finally, Sovereign Financial Group Inc. raised its stake in RingCentral by 6.9% during the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after buying an additional 625 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.