RingCentral (NYSE:RNG) Upgraded by StockNews.com to "Strong-Buy" Rating

StockNews.com upgraded shares of RingCentral (NYSE:RNG - Free Report) from a buy rating to a strong-buy rating in a research report released on Saturday morning.

RNG has been the subject of a number of other reports. Rosenblatt Securities reduced their price target on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Wedbush increased their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Needham & Company LLC reduced their price target on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Mizuho cut their price objective on shares of RingCentral from $42.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, February 10th. Finally, UBS Group cut their price objective on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral currently has an average rating of "Hold" and a consensus target price of $37.69.

Remove Ads

RingCentral Trading Down 1.7 %

RNG traded down $0.47 on Friday, reaching $27.50. The company had a trading volume of 1,889,300 shares, compared to its average volume of 1,215,381. The company has a fifty day moving average of $33.67 and a 200-day moving average of $34.08. The company has a market capitalization of $2.49 billion, a P/E ratio of -42.96, a PEG ratio of 1.27 and a beta of 1.01. RingCentral has a one year low of $26.98 and a one year high of $42.19.

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

Insiders Place Their Bets

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John H. Marlow sold 8,720 shares of RingCentral stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total value of $366,676.00. Following the transaction, the senior vice president now directly owns 334,869 shares of the company's stock, valued at approximately $14,081,241.45. The trade was a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 260,831 shares of company stock worth $7,642,238 over the last 90 days. Corporate insiders own 6.97% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Rafferty Asset Management LLC raised its holdings in shares of RingCentral by 1.7% in the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock valued at $689,000 after buying an additional 325 shares during the last quarter. Sovereign Financial Group Inc. raised its holdings in shares of RingCentral by 4.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock valued at $353,000 after buying an additional 386 shares during the last quarter. Gagnon Securities LLC raised its holdings in shares of RingCentral by 5.6% in the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock valued at $270,000 after buying an additional 407 shares during the last quarter. Xponance Inc. raised its holdings in RingCentral by 4.2% during the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock worth $373,000 after purchasing an additional 426 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after purchasing an additional 468 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

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.