RingCentral (NYSE:RNG) Downgraded by StockNews.com to "Buy"

RingCentral (NYSE:RNG - Get Free Report) was downgraded by research analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a note issued to investors on Saturday.

Other research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of RingCentral from $42.00 to $45.00 and gave the company a "buy" rating in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, August 5th. Piper Sandler cut their price objective on 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 lifted their target price on RingCentral from $35.00 to $36.00 and gave the stock a "neutral" rating in a report on Monday, August 5th. Finally, Northland Securities upped their target price on RingCentral from $43.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.07.

RingCentral Price Performance

NYSE RNG traded up $0.97 on Friday, hitting $33.93. The stock had a trading volume of 1,009,334 shares, compared to its average volume of 1,218,924. RingCentral has a 52-week low of $25.08 and a 52-week high of $38.35. The business's fifty day moving average price is $31.49 and its 200 day moving average price is $31.82. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of -22.77, a price-to-earnings-growth ratio of 2.55 and a beta of 1.03.

RingCentral (NYSE:RNG - Get Free Report) last announced its earnings results 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 business had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. The company's quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.03) earnings per share. As a group, sell-side analysts anticipate that RingCentral will post 0.63 EPS for the current year.

Insider Transactions at RingCentral

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 stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the sale, the chief financial officer now directly owns 135,560 shares of the company's stock, valued at approximately $4,256,584. 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 is accessible through this hyperlink. In related news, CAO John H. Marlow sold 19,498 shares of the company's stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at $12,732,945.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral 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 in the company, valued at approximately $4,256,584. 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 ninety days. 6.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

Hedge funds and other institutional investors have recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its stake in shares of RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker's stock worth $47,000 after buying an additional 410 shares in the last quarter. Sovereign Financial Group Inc. boosted its holdings in shares of RingCentral by 6.0% during the 1st quarter. Sovereign Financial Group Inc. now owns 8,927 shares of the software maker's stock worth $310,000 after purchasing an additional 507 shares during the last quarter. Sei Investments Co. grew its position in shares of RingCentral by 2.3% in the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker's stock valued at $816,000 after purchasing an additional 539 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of RingCentral by 13.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker's stock valued at $154,000 after purchasing an additional 540 shares during the last quarter. Finally, Versant Capital Management Inc lifted its position in RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker's stock worth $32,000 after buying an additional 664 shares in the last quarter. Hedge funds and other institutional investors 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.