RingCentral (NYSE:RNG) Upgraded at StockNews.com

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

RNG has been the subject of a number of other reports. Needham & Company LLC lowered their price target on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Raymond James dropped their price objective on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Rosenblatt Securities cut their price objective on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Piper Sandler lowered their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Finally, Morgan Stanley boosted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $37.69.

RingCentral Price Performance

Shares of NYSE:RNG opened at $27.19 on Monday. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of -42.49, a P/E/G ratio of 1.27 and a beta of 1.20. The company has a 50 day moving average of $31.66 and a 200-day moving average of $33.55. RingCentral has a one year low of $26.22 and a one year high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Equities research analysts anticipate that RingCentral will post 1.29 earnings per share for the current year.

Insider Activity

In related news, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was 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 directly owns 444,740 shares of the company’s stock, valued at $12,701,774.40. This represents a 21.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 over the last three months. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several hedge funds have recently bought and sold shares of RNG. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of RingCentral during the 4th quarter worth approximately $545,000. Fluent Financial LLC bought a new stake in RingCentral during the fourth quarter worth $623,000. Mackenzie Financial Corp boosted its holdings in shares of RingCentral by 56.2% in the 4th quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker’s stock valued at $4,460,000 after purchasing an additional 45,848 shares in the last quarter. PharVision Advisers LLC bought a new position in shares of RingCentral in the 4th quarter valued at $246,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of RingCentral by 14.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,792 shares of the software maker’s stock valued at $8,955,000 after purchasing an additional 32,175 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.