RingCentral (NYSE:RNG) Rating Increased to Strong-Buy at StockNews.com

RingCentral (NYSE:RNG) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Monday.

Other research analysts also recently issued research reports about the stock. Needham & Company LLC reduced their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Morgan Stanley boosted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Raymond James lowered their target price on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. Mizuho decreased their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, February 10th. Finally, Piper Sandler reduced their price objective on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note 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 stock. According to MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and a consensus price target of $37.69.

RingCentral Trading Up 2.7 %

Shares of NYSE:RNG opened at $27.04 on Monday. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -42.24, a P/E/G ratio of 1.27 and a beta of 1.20. The business has a fifty day simple moving average of $32.12 and a 200 day simple moving average of $33.68. RingCentral has a 1 year low of $26.22 and a 1 year high of $42.19.

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

Insider Activity

In other news, SVP John H. Marlow sold 35,089 shares of the stock in a transaction on 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 transaction, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. This represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 in the last three months. Company insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Hennessy Advisors Inc. bought a new stake in RingCentral during the fourth quarter worth about $59,055,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of RingCentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock worth $50,598,000 after acquiring an additional 1,164,241 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after acquiring an additional 822,892 shares during the period. Valley Wealth Managers Inc. bought a new stake in RingCentral during the fourth quarter valued at about $20,792,000. Finally, Capital World Investors increased its holdings in RingCentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after acquiring an additional 591,398 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

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.