RingCentral (NYSE:RNG) Downgraded to Buy Rating by StockNews.com

StockNews.com lowered shares of RingCentral (NYSE:RNG) from a strong-buy rating to a buy rating in a report released on Tuesday morning.

RNG has been the topic of a number of other research reports. Morgan Stanley lifted their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Piper Sandler dropped their target price on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Needham & Company LLC lowered 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. Rosenblatt Securities cut their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. Finally, Wells Fargo & Company restated an “underweight” rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $37.69.

RingCentral Trading Up 2.6 %

Shares of RNG stock opened at $25.40 on Tuesday. RingCentral has a twelve month low of $23.89 and a twelve month high of $42.19. The stock has a market cap of $2.30 billion, a P/E ratio of -39.68, a P/E/G ratio of 1.27 and a beta of 1.20. The stock has a 50 day moving average of $30.46 and a 200 day moving average of $33.41.

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

Insider Activity

In other news, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the sale, the senior vice president now directly owns 348,599 shares of the company’s stock, valued at approximately $10,046,623.18. The trade was a 6.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 66,112 shares of the 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 transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at approximately $16,384,089. The trade was a 10.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 247,740 shares of company stock valued at $7,099,279 in the last quarter. Insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RNG. Rafferty Asset Management LLC increased its stake in shares of RingCentral by 1.7% during the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock worth $689,000 after buying an additional 325 shares during the period. Sovereign Financial Group Inc. grew its holdings in RingCentral by 4.0% during the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after acquiring an additional 386 shares in the last quarter. Gagnon Securities LLC increased its position in shares of RingCentral by 5.6% in the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock valued at $270,000 after purchasing an additional 407 shares during the last quarter. Xponance Inc. raised its holdings 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 purchasing an additional 426 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after purchasing an additional 468 shares during the last quarter. Institutional investors and hedge funds 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.