RingCentral (NYSE:RNG) Rating Lowered to Buy at StockNews.com

RingCentral (NYSE:RNG) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Saturday.

A number of other equities analysts also recently issued reports on RNG. 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 research note on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, August 5th. Wells Fargo & Company raised their target price on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft raised their target price on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Finally, Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and raised their target price for the company from $35.00 to $45.00 in a research note on Friday, August 2nd. Eight investment 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $40.07.

RingCentral Stock Performance

NYSE RNG opened at $33.91 on Friday. The firm’s 50 day moving average price is $31.49 and its 200-day moving average price is $31.83. RingCentral has a 52-week low of $25.08 and a 52-week high of $38.35. The company has a market cap of $3.11 billion, a PE ratio of -23.88, a P/E/G ratio of 2.55 and a beta of 1.03.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. During the same quarter in the prior year, the business posted ($0.03) earnings per share. RingCentral’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, analysts forecast that RingCentral will post 0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the transaction, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at $12,732,945.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,256,584. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock valued at $3,386,396 over the last 90 days. Insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its holdings in 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 buying an additional 664 shares in the last quarter. Point72 DIFC Ltd purchased a new position in RingCentral in the second quarter valued at $39,000. Hexagon Capital Partners LLC increased its holdings in RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after buying an additional 410 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in RingCentral in the third quarter valued at $121,000. Finally, CWM LLC increased its holdings in 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 buying an additional 4,064 shares in the last quarter. 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.