RingCentral (NYSE:RNG) Given “Outperform” Rating at Raymond James

Raymond James reaffirmed their outperform rating on shares of RingCentral (NYSE:RNG) in a research report report published on Friday, MarketBeat Ratings reports. The firm currently has a $45.00 target price on the software maker’s stock, down from their previous target price of $50.00.

A number of other research analysts have also weighed in on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 target price on shares of RingCentral in a report on Friday, November 8th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler upped their target price on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Finally, Morgan Stanley boosted their price objective on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.64.

RingCentral Stock Up 1.6 %

Shares of RNG stock opened at $35.40 on Friday. The company’s fifty day simple moving average is $37.33 and its two-hundred day simple moving average is $33.51. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19. The stock has a market cap of $3.20 billion, a P/E ratio of -33.40, a PEG ratio of 2.48 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, analysts anticipate that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,451 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the sale, the chief executive officer now directly owns 479,468 shares of the company’s stock, valued at $16,762,201.28. The trade was a 12.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the sale, the senior vice president now directly owns 357,818 shares of the company’s stock, valued at $12,509,317.28. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,188 shares of company stock valued at $4,113,047 in the last quarter. 6.97% of the stock is owned by insiders.

Hedge Funds Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Central Pacific Bank Trust Division raised its holdings in shares of RingCentral by 31.1% in the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock valued at $176,000 after acquiring an additional 1,194 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of RingCentral in the 3rd quarter valued at about $233,000. 272 Capital LP purchased a new stake in shares of RingCentral in the 3rd quarter worth approximately $436,000. Sanctuary Advisors LLC bought a new position in shares of RingCentral during the third quarter valued at approximately $178,000. Finally, Neo Ivy Capital Management purchased a new position in RingCentral during the third quarter valued at approximately $708,000. 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.