RingCentral (NYSE:RNG) Downgraded to “Buy” at StockNews.com

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

Other analysts also recently issued reports about the stock. Northland Securities increased their price objective on shares of RingCentral from $43.00 to $50.00 and gave the company an outperform rating in a research report on Friday, August 2nd. Piper Sandler dropped their price target on shares of RingCentral from $32.00 to $31.00 and set a neutral rating on the stock in a report on Wednesday, July 10th. Rosenblatt Securities raised shares of RingCentral from a neutral rating to a buy rating and raised their price target for the company from $35.00 to $45.00 in a report on Friday, August 2nd. Needham & Company LLC reaffirmed a buy rating and set a $42.00 price target on shares of RingCentral in a report on Monday, August 5th. Finally, Robert W. Baird raised their price target on shares of RingCentral from $35.00 to $36.00 and gave the company a neutral rating in a report on Monday, August 5th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $40.07.

RingCentral Stock Down 3.2 %

NYSE:RNG opened at $28.06 on Friday. RingCentral has a 52 week low of $25.08 and a 52 week high of $38.35. The firm has a market capitalization of $2.58 billion, a P/E ratio of -18.83, a P/E/G ratio of 2.60 and a beta of 1.03. The company has a fifty day moving average of $32.15 and a 200 day moving average of $32.51.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.03) earnings per share. As a group, analysts anticipate that RingCentral will post 0.63 EPS for the current year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the transaction, the chief financial officer now directly owns 156,799 shares of the company’s stock, valued at $4,421,731.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the transaction, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $28.20, for a total value of $55,977.00. Following the transaction, the chief financial officer now directly owns 156,799 shares of the company’s stock, valued at $4,421,731.80. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock worth $3,380,044 over the last quarter. Insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in shares of RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after acquiring an additional 664 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of RingCentral in the 2nd quarter worth $39,000. Newbridge Financial Services Group Inc. increased its position in shares of RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after purchasing an additional 977 shares during the last quarter. Hexagon Capital Partners LLC increased its position in shares of RingCentral by 44.1% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after purchasing an additional 410 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of RingCentral by 13.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock worth $154,000 after purchasing an additional 540 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

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.