Raymond James Reaffirms Outperform Rating for RingCentral (NYSE:RNG)

Raymond James reaffirmed their outperform rating on shares of RingCentral (NYSE:RNG - Free Report) in a research note published on Friday, Marketbeat.com reports. They currently have a $45.00 target price on the software maker's stock, down from their previous target price of $50.00.

RNG has been the subject of several other reports. Mizuho reiterated a "neutral" rating and set a $42.00 price objective on shares of RingCentral in a research note on Friday, December 13th. Piper Sandler boosted their price target on RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Needham & Company LLC reissued a "buy" rating and issued a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th. Wedbush increased their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Finally, StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, November 11th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.64.

RingCentral Price Performance

NYSE RNG traded up $0.57 on Friday, hitting $35.40. The stock had a trading volume of 846,204 shares, compared to its average volume of 764,552. The business's fifty day moving average price is $37.33 and its 200 day moving average price is $33.42. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of -33.40, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. RingCentral has a 52-week low of $26.98 and a 52-week high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, sell-side analysts anticipate that RingCentral will post 0.84 EPS for the current year.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the transaction, the chief executive officer now owns 479,468 shares of the company's stock, valued at $16,762,201.28. This represents a 12.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 10,184 shares of the firm's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.97, for a total value of $356,134.48. Following the completion of the transaction, the chief financial officer now owns 116,306 shares in the company, valued at $4,067,220.82. The trade was a 8.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,188 shares of company stock worth $4,113,047 in the last quarter. Corporate insiders own 6.97% of the company's stock.

Institutional Trading of RingCentral

Several large investors have recently added to or reduced their stakes in the stock. Sovereign Financial Group Inc. grew its holdings in shares of RingCentral by 6.9% in the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker's stock valued at $307,000 after purchasing an additional 625 shares during the period. Xponance Inc. boosted its holdings in RingCentral by 6.8% in the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker's stock valued at $314,000 after purchasing an additional 704 shares during the last quarter. KBC Group NV grew its stake in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after buying an additional 744 shares during the period. Private Advisor Group LLC increased its holdings in shares of RingCentral by 13.6% during the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker's stock worth $257,000 after buying an additional 971 shares during the last quarter. Finally, Quarry LP raised its position in shares of RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker's stock valued at $60,000 after buying an additional 982 shares during the period. 98.61% of the stock is currently owned by hedge funds and other 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.