RingCentral (NYSE:RNG) Upgraded by StockNews.com to Strong-Buy Rating

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

Several other analysts have also recently issued reports on RNG. Rosenblatt Securities cut their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 21st. UBS Group reduced their price target on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Barclays decreased their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Robert W. Baird decreased their price objective on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Finally, Piper Sandler dropped their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $37.69.

RingCentral Trading Up 0.4 %

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 firm has a market cap of $2.46 billion, a price-to-earnings ratio of -42.37, a PEG ratio of 1.27 and a beta of 1.20. The company has a fifty day simple moving average of $31.93 and a 200 day simple moving average of $33.64.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. On average, analysts forecast that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. The trade was a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John H. Marlow sold 22,979 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares of the company’s stock, valued at $10,046,623.18. The trade was a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 247,740 shares of company stock worth $7,099,279. Company insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Rafferty Asset Management LLC increased its position in RingCentral by 1.7% during the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock worth $689,000 after buying an additional 325 shares during the last quarter. Sovereign Financial Group Inc. lifted its holdings in RingCentral by 4.0% in the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after purchasing an additional 386 shares during the last quarter. Gagnon Securities LLC grew its holdings in RingCentral by 5.6% during the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock valued at $270,000 after purchasing an additional 407 shares during the last quarter. Xponance Inc. raised its position in shares of RingCentral by 4.2% in the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after purchasing an additional 426 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of RingCentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after buying an additional 468 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

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.