RingCentral (NYSE:RNG) Stock Rating Upgraded by StockNews.com

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

A number of other brokerages have also recently issued reports on RNG. Wedbush upped their target price on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Barclays dropped their target price on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Robert W. Baird decreased their price target on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Finally, 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. One equities 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $37.69.

RingCentral Price Performance

RNG opened at $27.96 on Friday. The company has a market capitalization of $2.53 billion, a PE ratio of -43.69, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. The business has a 50-day moving average of $33.67 and a 200-day moving average of $34.08. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS 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 business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. On average, equities research analysts expect that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the sale, the chief executive officer now owns 444,740 shares in the company, valued at $12,701,774.40. The trade was a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John H. Marlow sold 8,720 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were 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 $14,081,241.45. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 260,831 shares of company stock valued at $7,642,238 over the last three months. 6.97% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of RingCentral in the 4th quarter valued at approximately $49,000. Venturi Wealth Management LLC boosted its stake in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares in the last quarter. Quarry LP grew its position in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after acquiring an additional 982 shares during the period. KBC Group NV lifted its holdings in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of RingCentral in the 4th quarter valued at $173,000. Institutional investors and hedge funds 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.