RingCentral (NYSE:RNG) Upgraded to “Hold” by Wedbush

Wedbush upgraded shares of RingCentral (NYSE:RNG) to a hold rating in a report released on Thursday morning, Zacks.com reports.

A number of other brokerages have also weighed in on RNG. Northland Securities raised their price objective on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. StockNews.com cut RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Robert W. Baird upped their price objective on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Wells Fargo & Company increased their price objective on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Rosenblatt Securities upgraded RingCentral from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $35.00 to $45.00 in a research note on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.07.

RingCentral Stock Up 2.9 %

Shares of RNG stock opened at $33.91 on Thursday. The firm has a 50 day moving average of $31.49 and a two-hundred day moving average of $31.83. The stock has a market capitalization of $3.11 billion, a PE ratio of -23.88, a P/E/G ratio of 2.55 and a beta of 1.03. RingCentral has a 52 week low of $25.08 and a 52 week high of $38.35.

RingCentral (NYSE:RNG) last released its earnings results 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 during the quarter, compared to analysts’ expectations of $586.39 million. During the same quarter last year, the business posted ($0.03) earnings per share. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. Analysts expect that RingCentral will post 0.63 EPS for the current fiscal year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 10,184 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92. Following the transaction, the chief financial officer now owns 137,545 shares of the company’s stock, valued at $4,522,479.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92. Following the completion of the sale, the chief financial officer now directly owns 137,545 shares of the company’s stock, valued at approximately $4,522,479.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the transaction, the chief executive officer now directly owns 573,725 shares in the company, valued at approximately $18,651,799.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 103,824 shares of company stock valued at $3,386,396. Insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Several hedge funds have recently made changes to their positions in RNG. Versant Capital Management Inc lifted its position 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 period. Point72 DIFC Ltd purchased a new position in shares of RingCentral during the 2nd quarter worth approximately $39,000. Hexagon Capital Partners LLC lifted 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 during the period. Central Pacific Bank Trust Division purchased a new stake in shares of RingCentral in the third quarter valued at approximately $121,000. Finally, CWM LLC boosted its stake in shares of RingCentral by 595.9% in the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after buying an additional 4,064 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.