RingCentral’s (RNG) Outperform Rating Reaffirmed at Raymond James

RingCentral (NYSE:RNG)‘s stock had its “outperform” rating restated by Raymond James in a research note issued on Friday, Marketbeat reports. They currently have a $45.00 price target on the software maker’s stock, down from their previous price target of $50.00. Raymond James’ price target suggests a potential upside of 27.12% from the stock’s current price.

Several other research analysts have also issued reports on the stock. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Piper Sandler boosted their target price on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Robert W. Baird lifted their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. Finally, Wedbush boosted their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, RingCentral presently has an average rating of “Moderate Buy” and a consensus target price of $41.64.

RingCentral Stock Performance

Shares of RNG stock opened at $35.40 on Friday. RingCentral has a 52-week low of $26.98 and a 52-week high of $42.19. The business’s fifty day moving average is $37.33 and its 200 day moving average is $33.47. The company has a market capitalization of $3.20 billion, a PE ratio of -33.40, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, sell-side analysts forecast that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares in the company, valued at $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Vaibhav Agarwal sold 2,178 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the transaction, the chief financial officer now owns 135,560 shares in the company, valued at $4,781,201.20. This trade represents a 1.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock worth $4,113,047 in the last 90 days. Company insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. Commonwealth Equity Services LLC increased its stake in shares of RingCentral by 19.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker’s stock worth $236,000 after acquiring an additional 1,366 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of RingCentral by 35.0% during the second quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock valued at $3,280,000 after acquiring an additional 30,138 shares in the last quarter. Acadian Asset Management LLC purchased a new position in RingCentral in the 2nd quarter worth approximately $1,622,000. Quest Partners LLC lifted its position in RingCentral by 268.7% in the 2nd quarter. Quest Partners LLC now owns 17,312 shares of the software maker’s stock valued at $488,000 after acquiring an additional 12,617 shares in the last quarter. Finally, PFG Investments LLC purchased a new stake in RingCentral during the 2nd quarter valued at $716,000. 98.61% of the stock is owned by hedge funds and other 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.