RingCentral (NYSE:RNG) Upgraded at StockNews.com

StockNews.com upgraded shares of RingCentral (NYSE:RNG) from a buy rating to a strong-buy rating in a research note published on Monday.

Several other equities analysts also recently issued reports on the stock. Rosenblatt Securities dropped their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Barclays lowered their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Morgan Stanley lifted their target price on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Robert W. Baird cut their price objective on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $37.69.

RingCentral Stock Performance

NYSE RNG opened at $27.19 on Monday. The firm’s fifty day moving average price is $31.66 and its two-hundred day moving average price is $33.55. The stock has a market cap of $2.47 billion, a PE ratio of -42.49, a PEG ratio of 1.27 and a beta of 1.20. RingCentral has a fifty-two week low of $26.22 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG) last released its quarterly 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 return on equity of 12.34% and a negative net margin of 2.43%. The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. As a group, sell-side analysts predict that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In other news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at $16,384,089. This represents a 10.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP John H. Marlow sold 22,979 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were 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 owns 348,599 shares of the company’s stock, valued at approximately $10,046,623.18. This represents a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 in the last quarter. 6.97% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNG. Capital World Investors raised its position in shares of RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after purchasing an additional 591,398 shares during the period. Ameriprise Financial Inc. raised its holdings in RingCentral by 2.2% during the fourth quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock worth $228,050,000 after buying an additional 142,538 shares during the last quarter. Pacer Advisors Inc. raised its holdings in RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after buying an additional 822,892 shares during the last quarter. First Trust Advisors LP lifted its position in RingCentral by 35.6% in the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock valued at $70,345,000 after acquiring an additional 527,901 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of RingCentral by 11.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock valued at $62,853,000 after purchasing an additional 180,000 shares in the last quarter. 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.