Wall Street Zen Upgrades Ringcentral (NYSE:RNG) to Strong-Buy

Wall Street Zen upgraded shares of Ringcentral (NYSE:RNG) from a buy rating to a strong-buy rating in a report published on Saturday morning.

Several other equities analysts also recently commented on the company. Piper Sandler raised their target price on Ringcentral from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Needham & Company LLC assumed coverage on Ringcentral in a research report on Friday, May 9th. They set a “buy” rating and a $36.00 target price for the company. Wells Fargo & Company cut their target price on Ringcentral from $30.00 to $22.00 and set an “underweight” rating for the company in a research report on Tuesday, April 22nd. Morgan Stanley cut their target price on Ringcentral from $40.00 to $29.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Finally, Rosenblatt Securities restated a “buy” rating and set a $32.00 target price on shares of Ringcentral in a research report on Monday, May 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $33.08.

Ringcentral Stock Up 1.5%

Ringcentral stock opened at $29.93 on Friday. The business has a 50 day moving average price of $27.00 and a two-hundred day moving average price of $29.01. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of -68.01, a price-to-earnings-growth ratio of 0.96 and a beta of 1.29. Ringcentral has a 12 month low of $20.59 and a 12 month high of $42.19.

Ringcentral (NYSE:RNG) last issued its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.04. The business had revenue of $612.06 million during the quarter, compared to analysts’ expectations of $610.53 million. Ringcentral had a negative return on equity of 15.63% and a negative net margin of 1.65%. Ringcentral’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.87 EPS. On average, analysts expect that Ringcentral will post 1.29 earnings per share for the current fiscal year.

Insider Transactions at Ringcentral

In other Ringcentral news, COO Kira Makagon sold 21,185 shares of Ringcentral stock in a transaction on Friday, June 27th. The stock was sold at an average price of $27.69, for a total value of $586,612.65. Following the completion of the transaction, the chief operating officer owned 413,131 shares in the company, valued at approximately $11,439,597.39. The trade was a 4.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,969 shares of Ringcentral stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $26.88, for a total value of $402,366.72. Following the completion of the transaction, the chief financial officer owned 153,900 shares of the company’s stock, valued at approximately $4,136,832. The trade was a 8.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 244,647 shares of company stock worth $6,531,804. 6.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ringcentral

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rafferty Asset Management LLC increased its stake in shares of Ringcentral by 1.7% in the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock valued at $689,000 after buying an additional 325 shares during the period. Xponance Inc. increased its stake in shares of Ringcentral by 4.2% in the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after buying an additional 426 shares during the period. Gagnon Securities LLC increased its stake in shares of Ringcentral by 5.9% in the 1st quarter. Gagnon Securities LLC now owns 8,155 shares of the software maker’s stock valued at $202,000 after buying an additional 452 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Ringcentral by 10.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after buying an additional 468 shares during the period. Finally, Private Advisor Group LLC increased its stake in shares of Ringcentral by 6.2% in the 1st quarter. Private Advisor Group LLC now owns 9,448 shares of the software maker’s stock valued at $234,000 after buying an additional 552 shares during the period. 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.