RingCentral (NYSE:RNG) Stock Rating Upgraded by StockNews.com

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

Several other research firms have also issued reports on RNG. Morgan Stanley upped their price objective on RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Wednesday, December 18th. Mizuho reduced their price objective on shares of RingCentral from $42.00 to $36.00 and set a "neutral" rating for the company in a research report on Monday, February 10th. Raymond James dropped their price objective on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a research report on Friday, February 21st. Piper Sandler decreased their price target on shares of RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research note on Friday, February 21st. Finally, Barclays cut their price objective on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $37.69.

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RingCentral Stock Performance

RNG traded up $0.11 on Monday, hitting $27.11. 763,304 shares of the company were exchanged, compared to its average volume of 1,452,301. The stock's fifty day moving average is $31.93 and its 200-day moving average is $33.64. RingCentral has a 12 month low of $26.22 and a 12 month high of $42.19. The company has a market cap of $2.46 billion, a PE ratio of -42.36, a PEG ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data 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 company 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%. As a group, equities research analysts expect that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 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 $3,528,873.60. Following the completion of the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 over the last quarter. 6.97% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RNG. Principal Financial Group Inc. acquired a new stake in RingCentral during the 3rd quarter worth approximately $233,000. State of New Jersey Common Pension Fund D grew its stake in shares of RingCentral by 9.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 58,947 shares of the software maker's stock worth $1,864,000 after purchasing an additional 5,085 shares during the last quarter. Victory Capital Management Inc. increased its holdings in RingCentral by 14.8% in the third quarter. Victory Capital Management Inc. now owns 133,515 shares of the software maker's stock valued at $4,223,000 after purchasing an additional 17,215 shares during the period. KBC Group NV raised its position in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock worth $84,000 after purchasing an additional 744 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in RingCentral by 65.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker's stock worth $12,057,000 after buying an additional 151,433 shares during the period. 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.