RingCentral (NYSE:RNG) Lowered to “Buy” Rating by StockNews.com

StockNews.com downgraded shares of RingCentral (NYSE:RNG) from a strong-buy rating to a buy rating in a research report report published on Wednesday.

Several other equities analysts have also recently commented on RNG. Mizuho decreased their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. Rosenblatt Securities reissued a “buy” rating and set a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Wedbush boosted their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Barclays cut shares of RingCentral from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $45.00 to $37.00 in a report on Monday, January 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $40.60.

RingCentral Stock Performance

Shares of RNG opened at $33.75 on Wednesday. The company’s 50-day simple moving average is $35.74 and its 200-day simple moving average is $34.35. RingCentral has a 1 year low of $26.98 and a 1 year high of $42.19. The stock has a market capitalization of $3.05 billion, a PE ratio of -31.84, a P/E/G ratio of 1.43 and a beta of 1.01.

Insider Buying and Selling at RingCentral

In related news, CFO Vaibhav Agarwal sold 2,178 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the sale, the chief financial officer now owns 135,560 shares in the company, valued at $4,781,201.20. This represents a 1.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John H. Marlow sold 23,284 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the transaction, the senior vice president now directly owns 357,818 shares in the company, valued at $12,509,317.28. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,188 shares of company stock worth $4,113,047 over the last 90 days. Corporate insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Hedge funds have recently made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in RingCentral during the 4th quarter valued at approximately $49,000. Venturi Wealth Management LLC increased 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 during the period. Quarry LP lifted its holdings in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares during the period. KBC Group NV lifted its holdings in shares of RingCentral by 38.9% during the third 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. Finally, CWM LLC boosted its holdings in shares of RingCentral by 595.9% in the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after acquiring an additional 4,064 shares in the last quarter. Institutional investors and hedge funds 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.