RingCentral (NYSE:RNG) Upgraded at StockNews.com

StockNews.com upgraded shares of RingCentral (NYSE:RNG) from a buy rating to a strong-buy rating in a research note issued to investors on Thursday morning.

Several other equities research analysts also recently commented on the stock. Rosenblatt Securities restated a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. Barclays downgraded shares of RingCentral from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $45.00 to $37.00 in a research report on Monday, January 27th. Needham & Company LLC restated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Robert W. Baird upped their price target on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, Raymond James restated an “outperform” rating and issued a $45.00 price target (down previously from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, RingCentral has an average rating of “Hold” and a consensus target price of $38.15.

RingCentral Price Performance

RNG stock opened at $28.90 on Thursday. RingCentral has a 12 month low of $26.98 and a 12 month high of $42.19. The firm has a market cap of $2.61 billion, a PE ratio of -45.16, a P/E/G ratio of 1.27 and a beta of 1.01. The firm has a 50 day simple moving average of $34.82 and a 200 day simple moving average of $34.25.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. As a group, sell-side analysts expect that RingCentral will post 1.29 earnings per share for the current year.

Insider Transactions at RingCentral

In other news, Director Robert I. Theis sold 1,457 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the transaction, the director now owns 28,690 shares in the company, valued at $1,084,195.10. This represents a 4.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 8,720 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the transaction, the senior vice president now owns 334,869 shares in the company, valued at approximately $14,081,241.45. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,091 shares of company stock worth $542,958 in the last 90 days. 6.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp grew its stake in RingCentral by 56.2% in the 4th quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker’s stock valued at $4,460,000 after buying an additional 45,848 shares during the last quarter. PharVision Advisers LLC acquired a new position in RingCentral in the 4th quarter valued at $246,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in RingCentral by 14.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,792 shares of the software maker’s stock valued at $8,955,000 after buying an additional 32,175 shares during the last quarter. Woodline Partners LP grew its stake in RingCentral by 17.6% in the 4th quarter. Woodline Partners LP now owns 138,956 shares of the software maker’s stock valued at $4,865,000 after buying an additional 20,799 shares during the last quarter. Finally, Two Sigma Advisers LP grew its stake in RingCentral by 79.5% in the 4th quarter. Two Sigma Advisers LP now owns 412,700 shares of the software maker’s stock valued at $14,449,000 after buying an additional 182,800 shares during the last quarter. 98.61% of the stock is currently 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.