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

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

RNG has been the subject of several other reports. Piper Sandler decreased their target price on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. UBS Group lowered their price objective on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Rosenblatt Securities cut their target price 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. Mizuho lowered 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. Finally, Barclays dropped their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $37.69.

RingCentral Price Performance

Shares of RingCentral stock opened at $24.33 on Tuesday. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of -38.01, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. The stock’s 50-day moving average is $30.10 and its 200-day moving average is $33.29. RingCentral has a one year low of $23.71 and a one year high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. On average, equities analysts expect that RingCentral will post 1.29 EPS for the current year.

Insider Activity

In related news, SVP John H. Marlow sold 22,979 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total transaction of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares of the company’s stock, valued at $10,046,623.18. This represents a 6.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 123,560 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is owned by company insiders.

Institutional Trading of RingCentral

Several large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its position in RingCentral by 7.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker’s stock worth $26,003,000 after purchasing an additional 59,570 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of RingCentral by 9.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 15,765 shares of the software maker’s stock valued at $499,000 after acquiring an additional 1,296 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in shares of RingCentral by 12.0% during the 3rd quarter. D.A. Davidson & CO. now owns 10,599 shares of the software maker’s stock valued at $335,000 after acquiring an additional 1,134 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in RingCentral by 57.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,682 shares of the software maker’s stock worth $717,000 after acquiring an additional 8,318 shares during the last quarter. Finally, Kestra Investment Management LLC acquired a new position in RingCentral in the 3rd quarter worth about $227,000. 98.61% of the stock is owned by institutional investors and hedge funds.

About RingCentral

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.