RingCentral (NYSE:RNG) Reaches New 52-Week High - Still a Buy?

RingCentral, Inc. (NYSE:RNG - Get Free Report)'s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $41.04 and last traded at $41.03, with a volume of 1563558 shares changing hands. The stock had previously closed at $38.50.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Rosenblatt Securities reissued a "buy" rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Piper Sandler raised their price target on shares of RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Raymond James reduced their price target on shares of RingCentral from $52.00 to $50.00 and set a "strong-buy" rating on the stock in a research report on Friday, November 8th. Wedbush increased their price objective on RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Finally, Robert W. Baird upped their price target on RingCentral from $36.00 to $38.00 and gave the company a "neutral" rating in a research note on Monday, November 11th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, RingCentral presently has an average rating of "Moderate Buy" and a consensus price target of $40.73.

RingCentral Trading Up 6.6 %

The company has a fifty day simple moving average of $34.89 and a two-hundred day simple moving average of $32.80. The company has a market cap of $3.71 billion, a PE ratio of -36.32, a P/E/G ratio of 2.35 and a beta of 0.99.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million for the quarter, compared to analysts' expectations of $601.91 million. On average, research analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Insider Activity at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the business's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares of the company's stock, valued at approximately $4,256,584. The trade was a 1.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the transaction, the director now directly owns 28,690 shares in the company, valued at approximately $1,084,195.10. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,539 shares of company stock valued at $3,687,477 over the last quarter. 6.76% of the stock is owned by insiders.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently modified their holdings of RNG. Groupama Asset Managment increased its position in RingCentral by 125.0% in the 3rd quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker's stock valued at $113,868,000 after acquiring an additional 2,000,000 shares during the period. Pacer Advisors Inc. grew its stake in shares of RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker's stock valued at $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of RingCentral by 3.5% in the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker's stock valued at $45,309,000 after purchasing an additional 54,500 shares during the period. AQR Capital Management LLC increased its holdings in shares of RingCentral by 2.4% in the second quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker's stock valued at $24,706,000 after purchasing an additional 20,666 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of RingCentral by 7.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker's stock worth $26,003,000 after purchasing an additional 59,570 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.