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

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

Other equities analysts have also issued research reports about the stock. Needham & Company LLC cut their target price on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Barclays reduced their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Robert W. Baird lowered their target price on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Morgan Stanley raised their price target on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Finally, Piper Sandler decreased their price objective on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and an average price target of $37.69.

RingCentral Trading Down 0.0 %

NYSE:RNG opened at $27.00 on Monday. RingCentral has a 12 month low of $26.22 and a 12 month high of $42.19. The firm’s 50 day moving average is $31.79 and its 200 day moving average is $33.59. The stock has a market capitalization of $2.45 billion, a PE ratio of -42.18, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $612.37 million. Research analysts predict that RingCentral will post 1.29 earnings per share for the current year.

Insider Transactions at RingCentral

In other RingCentral news, SVP John H. Marlow sold 22,979 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.82, for a total transaction of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares in the company, valued at $10,046,623.18. This trade represents a 6.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the sale, the chief executive officer now directly owns 568,300 shares of the company’s stock, valued at approximately $16,384,089. This trade represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

Large investors have recently modified their holdings of the company. Hennessy Advisors Inc. purchased a new position in shares of RingCentral during the fourth quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of RingCentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after purchasing an additional 1,164,241 shares during the last quarter. Pacer Advisors Inc. raised its position in RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares during the period. Valley Wealth Managers Inc. purchased a new stake in RingCentral during the fourth quarter valued at about $20,792,000. Finally, Capital World Investors grew its stake in shares of RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after buying an additional 591,398 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other 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.