StockNews.com Upgrades RingCentral (NYSE:RNG) to “Strong-Buy”

RingCentral (NYSE:RNG) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday.

Other equities analysts have also recently issued reports about the company. Raymond James reduced their target price 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 reduced their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Barclays dropped their target price on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Morgan Stanley increased their price target on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $37.69.

RingCentral Stock Down 0.0 %

NYSE:RNG opened at $27.00 on Monday. The firm has a market capitalization of $2.45 billion, a P/E ratio of -42.18, a P/E/G ratio of 1.27 and a beta of 1.20. The company has a fifty day moving average of $31.79 and a 200 day moving average of $33.59. RingCentral has a 52 week low of $26.22 and a 52 week high of $42.19.

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

Insider Transactions at RingCentral

In other news, CEO Vladimir Shmunis sold 123,560 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 transaction of $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction dated 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 completion of the transaction, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 247,740 shares of company stock valued at $7,099,279 in the last ninety days. 6.97% of the stock is currently owned by corporate insiders.

Institutional Trading of RingCentral

Institutional investors and hedge funds have recently bought and sold shares of the company. Rafferty Asset Management LLC lifted its stake in shares of RingCentral by 1.7% in the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock worth $689,000 after buying an additional 325 shares in the last quarter. Sovereign Financial Group Inc. raised its holdings in RingCentral by 4.0% in the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after acquiring an additional 386 shares during the last quarter. Gagnon Securities LLC lifted its position in RingCentral by 5.6% in the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock valued at $270,000 after acquiring an additional 407 shares in the last quarter. Xponance Inc. boosted its stake in RingCentral by 4.2% during the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after purchasing an additional 426 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of RingCentral by 10.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after purchasing an additional 468 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

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.