RingCentral (NYSE:RNG) Downgraded to Buy at StockNews.com

StockNews.com downgraded shares of RingCentral (NYSE:RNG) from a strong-buy rating to a buy rating in a research note issued to investors on Thursday.

Several other research analysts have also issued reports on RNG. Robert W. Baird raised their price target on shares of RingCentral from $32.00 to $35.00 and gave the stock a neutral rating in a report on Thursday, May 9th. Rosenblatt Securities restated a neutral rating and set a $35.00 price target on shares of RingCentral in a report on Wednesday, May 1st. Mizuho raised their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a report on Wednesday, May 8th. Morgan Stanley lowered their price target on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating for the company in a report on Wednesday, April 17th. Finally, UBS Group raised their price target on shares of RingCentral from $37.00 to $40.00 and gave the stock a neutral rating in a report on Wednesday, May 8th. Ten equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $38.94.

RingCentral Price Performance

NYSE:RNG opened at $34.91 on Thursday. The firm’s 50 day simple moving average is $31.40 and its 200 day simple moving average is $32.60. RingCentral has a one year low of $25.08 and a one year high of $41.76. The company has a market cap of $3.22 billion, a PE ratio of -23.43, a P/E/G ratio of 2.99 and a beta of 1.03.

RingCentral (NYSE:RNG) last posted its earnings results on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. The business had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. Equities research analysts expect that RingCentral will post 0.54 EPS for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the sale, the chief financial officer now owns 388,919 shares in the company, valued at approximately $13,553,827.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the sale, the chief financial officer now owns 158,784 shares in the company, valued at approximately $5,717,811.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at $13,553,827.15. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,869 shares of company stock worth $762,165. 6.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently bought and sold shares of the company. Intellectus Partners LLC boosted its holdings in RingCentral by 4.3% during the 4th quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock worth $290,000 after acquiring an additional 350 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in RingCentral by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock worth $1,284,000 after acquiring an additional 360 shares during the last quarter. 1492 Capital Management LLC boosted its holdings in RingCentral by 1.0% during the 4th quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock worth $1,248,000 after acquiring an additional 363 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in RingCentral by 44.1% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after acquiring an additional 410 shares during the last quarter. Finally, Simplicity Solutions LLC boosted its holdings in RingCentral by 4.5% during the 4th quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock worth $365,000 after acquiring an additional 467 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.