RingCentral (NYSE:RNG) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of RingCentral (NYSE:RNG) in a research note released on Monday,Benzinga reports. The brokerage currently has a $42.00 price target on the software maker’s stock.

Other research analysts have also issued reports about the stock. Northland Securities increased their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Robert W. Baird raised their target price on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 19th. Finally, Raymond James lowered their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $40.73.

RingCentral Stock Down 3.2 %

RingCentral stock opened at $36.74 on Monday. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $40.98. The stock’s 50 day simple moving average is $32.59 and its two-hundred day simple moving average is $32.42.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Sell-side analysts forecast that RingCentral will post 0.84 earnings per share for the current year.

Insider Activity at RingCentral

In related news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the sale, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. This represents a 4.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the transaction, the chief financial officer now directly owns 358,622 shares in the company, valued at $11,995,905.90. The trade was a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock worth $3,386,396 over the last quarter. Company insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Natixis bought a new position in shares of RingCentral in the first quarter worth about $837,000. Victory Capital Management Inc. lifted its holdings in RingCentral by 35.0% during the second quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock valued at $3,280,000 after purchasing an additional 30,138 shares in the last quarter. Olympiad Research LP purchased a new position in RingCentral during the third quarter valued at approximately $483,000. Jacobs Levy Equity Management Inc. increased its stake in shares of RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after purchasing an additional 192,766 shares in the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new stake in shares of RingCentral in the first quarter worth $1,510,000. 98.61% of the stock is currently owned by institutional investors.

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.