RingCentral (NYSE:RNG) Rating Lowered to Buy at StockNews.com

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 research report issued to clients and investors on Sunday.

RNG has been the topic of several other reports. Needham & Company LLC cut their price target on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Raymond James reduced their target price on RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a report on Friday, February 21st. Wells Fargo & Company reaffirmed an "underweight" rating and set a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. UBS Group reduced their price objective on RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Finally, Barclays lowered their target price on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $37.69.

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RingCentral Stock Performance

Shares of NYSE:RNG traded up $0.17 during trading hours on Friday, reaching $26.91. The stock had a trading volume of 936,504 shares, compared to its average volume of 1,227,272. RingCentral has a 1 year low of $26.61 and a 1 year high of $42.19. The firm's 50 day moving average is $32.62 and its 200-day moving average is $33.83. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -41.99, a P/E/G ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Analysts forecast that RingCentral will post 1.29 EPS for the current year.

Insider Transactions at RingCentral

In related news, SVP John H. Marlow sold 35,089 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares of the company's stock, valued at $8,953,845.60. This represents a 10.07 % 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, CEO Vladimir Shmunis sold 66,112 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the sale, the chief executive officer now directly owns 568,300 shares of the company's stock, valued at approximately $16,384,089. This trade represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 250,654 shares of company stock valued at $7,220,502. Corporate insiders own 6.97% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of RingCentral during the 4th quarter valued at approximately $49,000. Venturi Wealth Management LLC increased its stake in RingCentral by 150.4% in the 3rd 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. Quarry LP raised its holdings in 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 last quarter. KBC Group NV boosted its position in 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 in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in RingCentral during the fourth quarter worth $173,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.