RingCentral (NYSE:RNG) 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 report released on Saturday morning.

Other research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Rosenblatt Securities raised shares of RingCentral from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $35.00 to $45.00 in a research note on Friday, August 2nd. Robert W. Baird increased their price objective on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Needham & Company LLC restated a “buy” rating and set a $42.00 target price on shares of RingCentral in a research report on Monday, August 5th. Finally, Piper Sandler cut their target price on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.07.

RingCentral Trading Up 2.9 %

Shares of NYSE RNG opened at $33.93 on Friday. RingCentral has a 12-month low of $25.08 and a 12-month high of $38.35. The firm’s 50-day moving average price is $31.49 and its 200-day moving average price is $31.82. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of -22.77, a P/E/G ratio of 2.55 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to analysts’ expectations of $586.39 million. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.03) earnings per share. On average, equities analysts predict that RingCentral will post 0.63 EPS for the current fiscal year.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,256,584. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the transaction, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,824 shares of company stock valued at $3,386,396. 6.76% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Versant Capital Management Inc grew its stake 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 purchasing an additional 664 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of RingCentral by 44.1% in the 1st 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. Point72 DIFC Ltd purchased a new position in shares of RingCentral in the 2nd quarter worth approximately $39,000. Central Pacific Bank Trust Division bought a new position in shares of RingCentral during the 3rd quarter worth approximately $121,000. Finally, PNC Financial Services Group Inc. lifted its position in RingCentral by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after acquiring an additional 540 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

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.