RingCentral (NYSE:RNG) Upgraded by StockNews.com to Strong-Buy

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

A number of other analysts also recently weighed in on the stock. Piper Sandler cut their price target on shares of RingCentral from $32.00 to $31.00 and set a neutral rating on the stock in a research report on Wednesday, July 10th. Wells Fargo & Company raised their target price on shares of RingCentral from $28.00 to $35.00 and gave the stock an equal weight rating in a report on Friday. Needham & Company LLC restated a buy rating and set a $42.00 target price on shares of RingCentral in a report on Monday. Morgan Stanley dropped their target price on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a report on Wednesday, April 17th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of RingCentral from $38.00 to $42.00 and gave the stock a buy rating in a report on Thursday, May 9th. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $40.50.

RingCentral Stock Down 3.1 %

NYSE:RNG traded down $1.08 during mid-day trading on Monday, reaching $33.79. 1,180,086 shares of the company were exchanged, compared to its average volume of 1,183,849. RingCentral has a 12 month low of $25.08 and a 12 month high of $39.15. The company has a fifty day moving average of $31.31 and a 200 day moving average of $32.66. The stock has a market cap of $3.11 billion, a PE ratio of -23.01, a PEG ratio of 3.02 and a beta of 1.03.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. The firm’s revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.03) EPS. On average, equities research analysts anticipate that RingCentral will post 0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the sale, the chief financial officer now owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the sale, the chief financial officer now owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total value of $410,730.06. Following the sale, the chief financial officer now directly owns 158,784 shares of the company’s stock, valued at approximately $5,717,811.84. The disclosure for this sale can be found here. Insiders sold a total of 21,869 shares of company stock valued at $762,165 over the last ninety days. 6.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RNG. Nisa Investment Advisors LLC raised its stake in RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in RingCentral during the fourth quarter worth about $33,000. Simplicity Solutions LLC raised its stake in RingCentral by 4.5% during the fourth quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock worth $365,000 after acquiring an additional 467 shares in the last quarter. Mackenzie Financial Corp raised its stake in RingCentral by 32.7% during the fourth quarter. Mackenzie Financial Corp now owns 75,114 shares of the software maker’s stock worth $2,550,000 after acquiring an additional 18,491 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in RingCentral by 17.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,177 shares of the software maker’s stock worth $583,000 after acquiring an additional 2,549 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.