StockNews.com Downgrades RingCentral (NYSE:RNG) to Buy

StockNews.com cut shares of RingCentral (NYSE:RNG) from a strong-buy rating to a buy rating in a research note published on Friday morning.

RNG has been the subject of several other research reports. Wells Fargo & Company lifted their price objective on RingCentral from $28.00 to $35.00 and gave the company an equal weight rating in a research note on Friday, August 2nd. Rosenblatt Securities upgraded RingCentral from a neutral rating to a buy rating and boosted their target price for the stock from $35.00 to $45.00 in a research note on Friday, August 2nd. Robert W. Baird boosted their price objective on RingCentral from $35.00 to $36.00 and gave the company a neutral rating in a research note on Monday, August 5th. Northland Securities boosted their price objective on RingCentral from $43.00 to $50.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Finally, Wedbush reiterated a neutral rating and issued a $40.00 price objective on shares of RingCentral in a research note on Thursday, May 9th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $40.07.

RingCentral Stock Performance

Shares of RNG opened at $28.06 on Friday. The stock has a 50-day simple moving average of $32.15 and a 200-day simple moving average of $32.51. The stock has a market capitalization of $2.58 billion, a PE ratio of -18.83, a PEG ratio of 2.60 and a beta of 1.03. RingCentral has a 1 year low of $25.08 and a 1 year high of $38.35.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to analysts’ expectations of $586.39 million. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) EPS. Analysts predict that RingCentral will post 0.63 EPS for the current year.

Insider Buying and Selling

In other RingCentral news, CAO John H. Marlow sold 19,498 shares of the business’s stock in a transaction 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 directly owns 391,542 shares in the company, valued at $12,732,945.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92. Following the completion of the sale, the chief financial officer now directly owns 137,545 shares in the company, valued at $4,522,479.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value 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 disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock valued at $3,380,044 over the last quarter. Company insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Large investors have recently modified their holdings of the stock. Versant Capital Management Inc grew its stake in RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of RingCentral during the 2nd quarter valued at $39,000. Newbridge Financial Services Group Inc. increased its position in shares of RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after purchasing an additional 977 shares during the period. Hexagon Capital Partners LLC grew its holdings in shares of RingCentral by 44.1% in 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, PNC Financial Services Group Inc. grew its holdings in shares of RingCentral by 13.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock worth $154,000 after acquiring an additional 540 shares during the last quarter. Institutional investors and hedge funds 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.