RingCentral (NYSE:RNG) Upgraded to Hold by Wedbush

Wedbush upgraded shares of RingCentral (NYSE:RNG - Free Report) to a hold rating in a research report released on Thursday morning, Zacks.com reports.

Several other analysts also recently issued reports on the company. Northland Securities increased their price target on RingCentral from $43.00 to $50.00 and gave the company an "outperform" rating in a report on Friday, August 2nd. Rosenblatt Securities upgraded RingCentral from a "neutral" rating to a "buy" rating and raised their target price for the company from $35.00 to $45.00 in a report on Friday, August 2nd. Needham & Company LLC restated a "buy" rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, August 5th. Piper Sandler dropped their price objective on shares of RingCentral from $32.00 to $31.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company boosted their target price on shares of RingCentral from $28.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $40.07.

RingCentral Stock Performance

Shares of RNG traded up $0.97 during trading hours on Thursday, 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 12-month low of $25.08 and a 12-month high of $38.35. The firm has a market cap of $3.13 billion, a P/E ratio of -22.77, a P/E/G ratio of 2.55 and a beta of 1.03. The company's fifty day simple moving average is $31.49 and its 200 day simple moving average is $31.82.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analysts' expectations of $586.39 million. The business's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.03) earnings per share. As a group, sell-side analysts predict that RingCentral will post 0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the sale, the chief financial officer now directly owns 358,622 shares of the company's stock, valued at approximately $11,995,905.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of RingCentral stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares in the company, valued at $4,522,479.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the sale, the chief financial officer now owns 358,622 shares in the company, valued at $11,995,905.90. 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 quarter. Insiders own 6.76% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RNG. Capital World Investors increased its stake in shares of RingCentral by 7.3% in the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker's stock valued at $421,723,000 after purchasing an additional 825,156 shares during the period. Vanguard Group Inc. increased its position in RingCentral by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker's stock valued at $378,998,000 after acquiring an additional 538,325 shares during the period. Pacer Advisors Inc. raised 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 acquiring an additional 365,738 shares in the last quarter. Renaissance Technologies LLC boosted its position in RingCentral by 3.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker's stock worth $45,309,000 after acquiring an additional 54,500 shares during the period. Finally, AQR Capital Management LLC boosted its position in RingCentral by 2.4% during the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker's stock worth $24,706,000 after acquiring an additional 20,666 shares during the period. 98.61% of the stock is currently owned by institutional investors.

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.