RingCentral (NYSE:RNG) Receives “Outperform” Rating from Raymond James

Raymond James reiterated their outperform rating on shares of RingCentral (NYSE:RNG) in a report released on Friday, MarketBeat Ratings reports. Raymond James currently has a $45.00 price target on the software maker’s stock, down from their previous price target of $50.00.

Other analysts have also recently issued research reports about the company. Piper Sandler raised their price objective on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Mizuho reissued a “neutral” rating and issued a $42.00 price target on shares of RingCentral in a report on Friday, December 13th. Rosenblatt Securities restated a “buy” rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Finally, Robert W. Baird boosted their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $41.64.

RingCentral Stock Performance

RNG stock opened at $35.40 on Friday. RingCentral has a one year low of $26.98 and a one year high of $42.19. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of -33.40, a PEG ratio of 2.48 and a beta of 0.99. The firm has a 50-day simple moving average of $37.33 and a two-hundred day simple moving average of $33.42.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. The firm had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, equities analysts predict that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, SVP John H. Marlow sold 8,720 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the completion of the transaction, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at approximately $14,081,241.45. The trade was a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total value of $121,222.40. Following the completion of the sale, the director now owns 10,633 shares in the company, valued at approximately $442,332.80. This represents a 21.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,188 shares of company stock worth $4,113,047 over the last three months. Company insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. 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. Foundry Partners LLC acquired a new stake in RingCentral in the third quarter valued at approximately $8,886,000. Cubist Systematic Strategies LLC increased its position in shares of RingCentral by 130.1% in the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after buying an additional 234,238 shares in the last quarter. Jupiter Asset Management Ltd. raised its stake in shares of RingCentral by 404.2% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock worth $6,181,000 after buying an additional 175,715 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of RingCentral during the 2nd quarter valued at approximately $4,801,000. Hedge funds and other 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.