RingCentral (NYSE:RNG) Lifted to Hold at StockNews.com

StockNews.com upgraded shares of RingCentral (NYSE:RNGGet Rating) from a sell rating to a hold rating in a report released on Tuesday.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company cut their price target on RingCentral from $100.00 to $80.00 and set an overweight rating for the company in a report on Thursday, November 10th. Oppenheimer cut their price target on RingCentral to $40.00 in a report on Tuesday, November 15th. Craig Hallum cut their price target on RingCentral from $110.00 to $60.00 in a report on Thursday, November 10th. Piper Sandler cut their price target on RingCentral from $59.00 to $39.00 and set an overweight rating for the company in a report on Thursday, November 10th. Finally, UBS Group cut their price target on RingCentral from $84.00 to $60.00 and set a neutral rating for the company in a report on Wednesday, August 3rd. Seven analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $83.87.

RingCentral Stock Performance

NYSE RNG opened at $36.08 on Tuesday. RingCentral has a twelve month low of $28.00 and a twelve month high of $230.37. The company has a debt-to-equity ratio of 33.52, a current ratio of 1.21 and a quick ratio of 1.21. The stock has a 50-day simple moving average of $36.75 and a 200 day simple moving average of $47.75.

Insider Buying and Selling

In related news, CAO Vaibhav Agarwal sold 1,823 shares of the stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $39.87, for a total transaction of $72,683.01. Following the sale, the chief accounting officer now directly owns 110,518 shares in the company, valued at approximately $4,406,352.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other RingCentral news, CAO John H. Marlow sold 6,047 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $42.05, for a total value of $254,276.35. Following the transaction, the chief accounting officer now directly owns 202,198 shares in the company, valued at approximately $8,502,425.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Vaibhav Agarwal sold 1,823 shares of the stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $39.87, for a total value of $72,683.01. Following the completion of the transaction, the chief accounting officer now owns 110,518 shares in the company, valued at $4,406,352.66. The disclosure for this sale can be found here. Insiders have sold a total of 15,621 shares of company stock worth $614,333 in the last three months. Insiders own 7.35% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RNG. Renaissance Technologies LLC boosted its position in RingCentral by 207.5% in the 2nd quarter. Renaissance Technologies LLC now owns 2,190,800 shares of the software maker’s stock valued at $114,491,000 after buying an additional 1,478,400 shares during the last quarter. Pictet Asset Management SA boosted its position in RingCentral by 90.5% in the 2nd quarter. Pictet Asset Management SA now owns 2,488,623 shares of the software maker’s stock valued at $130,055,000 after buying an additional 1,182,176 shares during the last quarter. Aaron Wealth Advisors LLC acquired a new position in shares of RingCentral in the 1st quarter valued at $8,170,000. First Trust Advisors LP lifted its stake in shares of RingCentral by 46.3% in the 3rd quarter. First Trust Advisors LP now owns 1,556,709 shares of the software maker’s stock valued at $62,206,000 after purchasing an additional 492,925 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of RingCentral by 129.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 825,910 shares of the software maker’s stock valued at $43,162,000 after purchasing an additional 465,666 shares during the period. 86.29% of the stock is currently owned by institutional investors.

About RingCentral

(Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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Analyst Recommendations for RingCentral (NYSE:RNG)

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