RingCentral (NYSE:RNG) Earns Outperform Rating from Raymond James

RingCentral (NYSE:RNG)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Raymond James in a research note issued on Friday, MarketBeat reports. They presently have a $45.00 price target on the software maker’s stock, down from their previous price target of $50.00. Raymond James’ target price would indicate a potential upside of 27.12% from the company’s previous close.

RNG has been the subject of several other reports. Mizuho reiterated a “neutral” rating and set a $42.00 price objective on shares of RingCentral in a research report on Friday, December 13th. Robert W. Baird upped their target price on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler lifted their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $41.64.

RingCentral Price Performance

RNG opened at $35.40 on Friday. The company’s 50 day moving average price is $37.33 and its two-hundred day moving average price is $33.47. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of -33.40, a PEG ratio of 2.48 and a beta of 0.99. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. As a group, equities research analysts predict that RingCentral will post 0.84 EPS for the current year.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now directly owns 479,468 shares of the company’s stock, valued at $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares of the company’s stock, valued at $442,332.80. The trade was a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,188 shares of company stock worth $4,113,047 in the last quarter. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Hedge funds and other institutional investors have recently modified their holdings of the business. Sovereign Financial Group Inc. grew its stake in RingCentral by 6.9% in the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after purchasing an additional 625 shares during the period. Xponance Inc. increased its stake in shares of RingCentral by 6.8% during the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock worth $314,000 after purchasing an additional 704 shares during the last quarter. KBC Group NV raised its holdings in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the period. Private Advisor Group LLC lifted its stake in RingCentral by 13.6% in the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after purchasing an additional 971 shares during the last quarter. Finally, Quarry LP grew its holdings in RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

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.