RingCentral (NYSE:RNG) Upgraded to Strong-Buy at StockNews.com

StockNews.com upgraded shares of RingCentral (NYSE:RNG) from a buy rating to a strong-buy rating in a report released on Monday morning.

Several other equities analysts have also recently issued reports on RNG. Wedbush upped their target price on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday. Raymond James lowered their target price on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday. Rosenblatt Securities restated a “buy” rating and set a $45.00 target price on shares of RingCentral in a research note on Friday. Piper Sandler upped their target price on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Robert W. Baird upped their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.73.

RingCentral Trading Down 4.6 %

Shares of RNG stock opened at $36.21 on Monday. RingCentral has a 12 month low of $26.27 and a 12 month high of $40.98. The stock has a market cap of $3.32 billion, a PE ratio of -34.16, a price-to-earnings-growth ratio of 2.96 and a beta of 0.99. The company’s fifty day moving average price is $32.19 and its 200-day moving average price is $32.31.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The firm had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.58%. On average, sell-side analysts forecast that RingCentral will post 0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,256,584. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at $4,256,584. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the sale, the chief financial officer now owns 358,622 shares in the company, valued at approximately $11,995,905.90. The trade was 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 worth $3,386,396. Company insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several institutional investors and hedge funds have recently modified their holdings of RNG. Versant Capital Management Inc grew its holdings in shares of RingCentral by 138.3% in the second 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 purchased a new position in shares of RingCentral in the second quarter valued at $39,000. Venturi Wealth Management LLC grew its holdings in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares in the last quarter. KBC Group NV grew its holdings in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new position in shares of RingCentral in the third quarter valued at $121,000. Institutional investors own 98.61% of the company’s stock.

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.