Rosenblatt Securities Reaffirms “Buy” Rating for RingCentral (NYSE:RNG)

RingCentral (NYSE:RNG)‘s stock had its “buy” rating reiterated by stock analysts at Rosenblatt Securities in a research report issued on Friday,Benzinga reports. They currently have a $45.00 price target on the software maker’s stock. Rosenblatt Securities’ target price suggests a potential upside of 18.67% from the stock’s current price.

RNG has been the topic of a number of other research reports. Piper Sandler boosted their target price on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research note on Monday, August 5th. Wedbush increased their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 19th. Finally, Robert W. Baird increased their price target on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.60.

RingCentral Stock Performance

Shares of NYSE RNG traded down $0.88 during mid-day trading on Friday, reaching $37.92. The company had a trading volume of 2,624,359 shares, compared to its average volume of 1,218,857. The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of -26.70, a PEG ratio of 2.92 and a beta of 0.99. The stock has a fifty day moving average of $32.04 and a two-hundred day moving average of $32.18. RingCentral has a 12-month low of $26.23 and a 12-month high of $40.98.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. Sell-side analysts forecast that RingCentral will post 0.63 earnings per share for the current fiscal year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares of the company’s stock, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Vladimir Shmunis sold 62,244 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock worth $3,386,396 over the last ninety days. Company insiders own 6.76% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its holdings in RingCentral by 138.3% during the 2nd 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 in the last quarter. Point72 DIFC Ltd bought a new stake in shares of RingCentral during the second quarter worth $39,000. Venturi Wealth Management LLC increased its stake in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares in the last quarter. KBC Group NV raised its holdings in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in RingCentral during the 3rd quarter worth about $121,000. 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.