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

RingCentral (NYSE:RNG) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday.

RNG has been the topic of a number of other research reports. Needham & Company LLC lowered their price objective on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Mizuho dropped their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. UBS Group reduced their target price on RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price target (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Raymond James cut 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. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, RingCentral presently has a consensus rating of “Hold” and a consensus target price of $37.69.

RingCentral Price Performance

Shares of RNG stock traded up $0.64 during midday trading on Tuesday, hitting $25.40. The company had a trading volume of 1,397,825 shares, compared to its average volume of 1,294,669. RingCentral has a 52-week low of $23.89 and a 52-week high of $42.19. The company’s 50 day simple moving average is $30.46 and its 200 day simple moving average is $33.41. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of -39.68, a PEG ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG) last announced its quarterly earnings data 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). 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. Analysts anticipate that RingCentral will post 1.29 EPS for the current year.

Insiders Place Their Bets

In related news, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction dated Monday, February 24th. The stock was 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 approximately $8,953,845.60. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at $12,701,774.40. The trade was a 21.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 247,740 shares of company stock valued at $7,099,279. Corporate insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP purchased a new position in shares of RingCentral during the 4th quarter worth $15,630,000. Wealth Enhancement Advisory Services LLC purchased a new position in RingCentral during the fourth quarter worth about $545,000. Fluent Financial LLC acquired a new stake in RingCentral in the 4th quarter worth about $623,000. Mackenzie Financial Corp grew its holdings in RingCentral by 56.2% in the 4th quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker’s stock valued at $4,460,000 after buying an additional 45,848 shares during the period. Finally, PharVision Advisers LLC acquired a new position in shares of RingCentral during the 4th quarter valued at about $246,000. Institutional investors and hedge funds 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.