RingCentral (NYSE:RNG) Upgraded at StockNews.com

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

RNG has been the topic of several other reports. Barclays lowered their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Piper Sandler lowered 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. UBS Group dropped their price target on RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Needham & Company LLC decreased their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Finally, Wedbush raised their target price on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $37.69.

RingCentral Trading Down 1.7 %

RNG stock opened at $27.96 on Friday. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The company has a market capitalization of $2.53 billion, a P/E ratio of -43.69, a PEG ratio of 1.27 and a beta of 1.01. The business has a 50 day simple moving average of $33.67 and a 200-day simple moving average of $34.08.

RingCentral (NYSE:RNG) last posted 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 for the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Research analysts predict that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Transactions at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the transaction, the chief executive officer now owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the completion of the transaction, the director now owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 260,831 shares of company stock valued at $7,642,238. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several large investors have recently made changes to their positions in the business. Fluent Financial LLC acquired a new stake in shares of RingCentral during the fourth quarter worth $623,000. Mackenzie Financial Corp raised its holdings in RingCentral by 56.2% during the 4th quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker’s stock worth $4,460,000 after buying an additional 45,848 shares during the period. PharVision Advisers LLC acquired a new stake in RingCentral during the 4th quarter worth about $246,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in RingCentral by 14.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,792 shares of the software maker’s stock valued at $8,955,000 after buying an additional 32,175 shares in the last quarter. Finally, Woodline Partners LP boosted its holdings in shares of RingCentral by 17.6% in the fourth quarter. Woodline Partners LP now owns 138,956 shares of the software maker’s stock worth $4,865,000 after buying an additional 20,799 shares during the period. 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.