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

Rosenblatt Securities reiterated their buy rating on shares of RingCentral (NYSE:RNG) in a research report report published on Friday, Benzinga reports. Rosenblatt Securities currently has a $45.00 price target on the software maker’s stock.

A number of other equities analysts have also issued reports on the company. Piper Sandler decreased their price objective on RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Wedbush upgraded shares of RingCentral to a “hold” rating in a research note on Thursday, October 17th. Robert W. Baird increased their target price on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Needham & Company LLC restated a “buy” rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, August 5th. Finally, Northland Securities increased their price objective on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $40.07.

RingCentral Stock Down 0.8 %

RNG stock opened at $36.16 on Friday. The stock has a market cap of $3.32 billion, a PE ratio of -25.46, a price-to-earnings-growth ratio of 2.80 and a beta of 0.99. The firm’s 50-day simple moving average is $31.76 and its 200 day simple moving average is $32.00. RingCentral has a fifty-two week low of $26.23 and a fifty-two week high of $38.35.

Insider Activity

In related news, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the transaction, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the transaction, the chief financial officer now owns 137,545 shares in the company, valued at $4,522,479.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the sale, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock worth $3,386,396 over the last 90 days. 6.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. Versant Capital Management Inc raised its position in shares of RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares during the period. Point72 DIFC Ltd acquired a new position in RingCentral in the 2nd quarter valued at $39,000. Venturi Wealth Management LLC raised its holdings in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares during the period. Central Pacific Bank Trust Division bought a new stake in RingCentral during the third quarter valued at about $121,000. Finally, CWM LLC grew its position in shares of RingCentral by 595.9% in the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after purchasing an additional 4,064 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

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.