RingCentral (NYSE:RNG) Raised to “Strong-Buy” at StockNews.com

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

RNG has been the topic of a number of other reports. Piper Sandler lifted their price objective on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Mizuho dropped their price target on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. Raymond James reissued an “outperform” rating and issued a $45.00 price objective (down from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 target price on shares of RingCentral in a research report on Friday, November 8th. Finally, Wedbush upped their target price on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $38.15.

RingCentral Stock Performance

RNG opened at $28.90 on Thursday. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The business has a 50 day moving average price of $34.82 and a 200 day moving average price of $34.25. The firm has a market cap of $2.61 billion, a P/E ratio of -27.27, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. As a group, analysts anticipate that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling at RingCentral

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of RingCentral stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the transaction, the director now directly owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John H. Marlow sold 8,720 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the sale, the senior vice president now directly owns 334,869 shares in the company, valued at approximately $14,081,241.45. The trade was a 2.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,091 shares of company stock valued at $542,958. 6.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNG. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of RingCentral in the fourth quarter valued at approximately $49,000. Venturi Wealth Management LLC increased its holdings in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares in the last quarter. Quarry LP raised its position in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the last quarter. KBC Group NV boosted its stake in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares in the last quarter. Finally, CWM LLC grew its holdings in shares of RingCentral by 595.9% during the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after purchasing an additional 4,064 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.