RingCentral (NYSE:RNG) Earns Buy Rating from Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of RingCentral (NYSE:RNG) in a research note released on Monday,Benzinga reports. The firm currently has a $32.00 price objective on the software maker’s stock.

RNG has been the topic of several other research reports. UBS Group lowered their price objective on RingCentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Wells Fargo & Company lowered their price objective on RingCentral from $30.00 to $22.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 22nd. Needham & Company LLC initiated coverage on RingCentral in a research report on Friday, May 9th. They set a “buy” rating and a $36.00 price objective on the stock. Morgan Stanley lowered their price objective on RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Finally, Barclays lowered their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $33.08.

RingCentral Trading Down 2.8%

RNG opened at $27.30 on Monday. RingCentral has a 1-year low of $20.59 and a 1-year high of $42.19. The stock’s fifty day simple moving average is $25.34 and its 200 day simple moving average is $31.54. The stock has a market cap of $2.48 billion, a PE ratio of -42.66, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.04. The firm had revenue of $612.06 million for the quarter, compared to analysts’ expectations of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.87 EPS. Equities analysts forecast that RingCentral will post 1.29 earnings per share for the current year.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 2,247 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $27.97, for a total value of $62,848.59. Following the sale, the chief financial officer now directly owns 120,982 shares of the company’s stock, valued at $3,383,866.54. This trade represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the sale, the senior vice president now directly owns 313,510 shares in the company, valued at $8,953,845.60. This trade represents a 10.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 249,987 shares of company stock valued at $7,162,128. 6.97% of the stock is owned by corporate insiders.

Institutional Trading of RingCentral

Several large investors have recently bought and sold shares of RNG. Bayforest Capital Ltd acquired a new stake in shares of RingCentral during the first quarter valued at about $145,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of RingCentral by 2.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,190 shares of the software maker’s stock valued at $6,467,000 after purchasing an additional 5,398 shares in the last quarter. Woodline Partners LP boosted its stake in shares of RingCentral by 14.8% during the first quarter. Woodline Partners LP now owns 159,474 shares of the software maker’s stock valued at $3,949,000 after purchasing an additional 20,518 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of RingCentral by 9.0% during the first quarter. Empowered Funds LLC now owns 11,417 shares of the software maker’s stock valued at $283,000 after purchasing an additional 940 shares in the last quarter. Finally, Kestra Investment Management LLC boosted its stake in shares of RingCentral by 48.7% during the first quarter. Kestra Investment Management LLC now owns 16,595 shares of the software maker’s stock valued at $411,000 after purchasing an additional 5,436 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

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.