RingCentral (NYSE:RNG) Upgraded at Wedbush

Wedbush upgraded shares of RingCentral (NYSE:RNG) to a hold rating in a research note issued to investors on Thursday, Zacks.com reports.

RNG has been the topic of a number of other reports. Piper Sandler reduced their target price on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Robert W. Baird raised their target price on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, August 5th. Northland Securities raised their price objective on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company upped their target price on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $40.07.

RingCentral Price Performance

RNG stock opened at $33.91 on Thursday. The company’s 50 day simple moving average is $31.49 and its 200-day simple moving average is $31.83. RingCentral has a 12 month low of $25.08 and a 12 month high of $38.35. The firm has a market capitalization of $3.11 billion, a PE ratio of -23.88, a P/E/G ratio of 2.55 and a beta of 1.03.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. RingCentral’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.03) EPS. As a group, sell-side analysts anticipate that RingCentral will post 0.63 earnings per share for the current year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,256,584. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,824 shares of company stock valued at $3,386,396. Company insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Capital World Investors lifted its holdings in RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after buying an additional 825,156 shares in the last quarter. Vanguard Group Inc. boosted its holdings in RingCentral by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after purchasing an additional 538,325 shares during the last quarter. Pacer Advisors Inc. grew its stake in RingCentral by 25.2% during the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock valued at $51,224,000 after purchasing an additional 365,738 shares in the last quarter. Cubist Systematic Strategies LLC increased its holdings in RingCentral by 130.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after purchasing an additional 234,238 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of RingCentral by 163.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after purchasing an additional 192,766 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

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.