RingCentral (NYSE:RNG) Upgraded at StockNews.com

StockNews.com upgraded shares of RingCentral (NYSE:RNG - Free Report) from a buy rating to a strong-buy rating in a research note issued to investors on Monday morning.

Other research analysts have also issued reports about the company. Rosenblatt Securities dropped their price objective on RingCentral from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Friday, February 21st. UBS Group cut their price target on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a report on Friday, February 21st. Mizuho decreased their price objective on shares of RingCentral from $42.00 to $36.00 and set a "neutral" rating on the stock in a research note on Monday, February 10th. Robert W. Baird cut their target price on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Finally, Piper Sandler reduced their target price on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have issued 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, the stock currently has a consensus rating of "Hold" and an average price target of $37.69.

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RingCentral Stock Up 0.4 %

Shares of NYSE:RNG traded up $0.12 on Monday, reaching $27.12. The company had a trading volume of 2,594,211 shares, compared to its average volume of 1,221,198. The stock has a market capitalization of $2.46 billion, a P/E ratio of -42.37, a P/E/G ratio of 1.27 and a beta of 1.20. The stock has a 50-day moving average price of $32.12 and a 200 day moving average price of $33.68. RingCentral has a twelve month low of $26.22 and a twelve month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (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 analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, sell-side analysts predict that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In related news, CEO Vladimir Shmunis sold 66,112 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were 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 in the company, valued at $16,384,089. This represents a 10.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares in the company, valued at $8,953,845.60. This represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock valued at $7,099,279 over the last three months. 6.97% of the stock is owned by insiders.

Hedge Funds Weigh In On RingCentral

Several large investors have recently bought and sold shares of the company. Hennessy Advisors Inc. bought a new position in RingCentral in the 4th quarter valued at approximately $59,055,000. Arrowstreet Capital Limited Partnership raised its stake in shares of RingCentral by 414.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock valued at $50,598,000 after acquiring an additional 1,164,241 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker's stock worth $83,483,000 after purchasing an additional 822,892 shares during the period. Valley Wealth Managers Inc. bought a new stake in shares of RingCentral in the fourth quarter worth $20,792,000. Finally, Capital World Investors increased its stake in shares of RingCentral by 5.9% in the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock valued at $373,327,000 after buying an additional 591,398 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.