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

RingCentral (NYSE:RNG - Get Free Report) was downgraded by analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Tuesday.

A number of other equities research analysts have also commented on the stock. Wells Fargo & Company reissued an "underweight" rating and set a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Rosenblatt Securities cut their price target on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. UBS Group decreased their target price on RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Raymond James reduced their price target on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a report on Friday, February 21st. Finally, Mizuho decreased their price objective on RingCentral from $42.00 to $36.00 and set a "neutral" rating for the company in a report on Monday, February 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, RingCentral currently has a consensus rating of "Hold" and a consensus target price of $37.69.

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RingCentral Stock Down 7.0 %

Shares of NYSE:RNG traded down $1.71 on Tuesday, reaching $22.59. The company had a trading volume of 2,188,522 shares, compared to its average volume of 1,298,850. The stock has a market capitalization of $2.05 billion, a P/E ratio of -35.30, a P/E/G ratio of 1.27 and a beta of 1.20. The stock has a 50-day moving average price of $30.10 and a 200 day moving average price of $33.29. RingCentral has a twelve month low of $22.14 and a twelve month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. On average, sell-side analysts predict that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 123,560 shares of the business'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 value of $3,528,873.60. Following the sale, the chief executive officer now owns 444,740 shares of the company's stock, valued at $12,701,774.40. The trade was a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction dated 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 transaction, the senior vice president now directly owns 313,510 shares of the company's stock, valued at $8,953,845.60. The trade was a 10.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 247,740 shares of company stock worth $7,099,279. Insiders own 6.97% of the company's stock.

Institutional Investors Weigh In On RingCentral

A number of institutional investors and hedge funds have recently made changes to their positions in RNG. Kayne Anderson Rudnick Investment Management LLC bought a new stake in RingCentral during the fourth quarter worth about $49,000. Quarry LP increased its position in 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 purchasing an additional 982 shares during the period. Venturi Wealth Management LLC raised its holdings in RingCentral by 55.2% in the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after purchasing an additional 1,028 shares in the last quarter. KBC Group NV lifted its position in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after purchasing an additional 819 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new position in RingCentral in the fourth quarter worth about $173,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

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.