RingCentral (NYSE:RNG) Receives Buy Rating from Rosenblatt Securities

RingCentral (NYSE:RNG)‘s stock had its “buy” rating reissued by investment analysts at Rosenblatt Securities in a report issued on Friday,Benzinga reports. They presently have a $45.00 target price on the software maker’s stock. Rosenblatt Securities’ target price suggests a potential upside of 18.67% from the stock’s current price.

A number of other equities analysts have also recently weighed in on the company. Wells Fargo & Company upped their price target on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $42.00 target price on shares of RingCentral in a research report on Monday, August 5th. Piper Sandler raised their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 19th. Finally, Raymond James decreased their price objective on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Friday. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $40.60.

RingCentral Stock Down 2.3 %

Shares of RNG traded down $0.88 during mid-day trading on Friday, hitting $37.92. The company had a trading volume of 2,624,359 shares, compared to its average volume of 1,218,857. RingCentral has a 1-year low of $26.23 and a 1-year high of $40.98. The business’s 50-day simple moving average is $32.04 and its 200-day simple moving average is $32.18. The stock has a market cap of $3.48 billion, a PE ratio of -26.70, a P/E/G ratio of 2.92 and a beta of 0.99.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.10. The firm had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. On average, sell-side analysts expect that RingCentral will post 0.63 earnings per share for the current year.

Insider Buying and Selling

In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares in the company, valued at approximately $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO John H. Marlow sold 19,498 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the sale, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at $12,732,945.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the transaction, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock valued at $3,386,396 in the last quarter. Company insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc increased its stake in RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of RingCentral in the second quarter worth approximately $39,000. Venturi Wealth Management LLC raised its holdings in shares of RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after acquiring an additional 1,119 shares during the period. KBC Group NV lifted its position 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 valued at $84,000 after acquiring an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in RingCentral in the 3rd quarter worth approximately $121,000. 98.61% of the stock is owned by institutional investors and hedge funds.

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.