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

RingCentral (NYSE:RNG) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

RNG has been the topic of a number of other reports. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a report on Monday, May 20th. Piper Sandler cut their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Mizuho raised their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Wells Fargo & Company dropped their price objective on shares of RingCentral from $33.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, June 21st. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $35.00 target price on shares of RingCentral in a report on Wednesday, May 1st. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $38.94.

RingCentral Stock Performance

RNG stock traded up $2.48 during trading on Thursday, reaching $34.29. The company had a trading volume of 1,306,631 shares, compared to its average volume of 1,173,369. RingCentral has a twelve month low of $25.08 and a twelve month high of $41.76. The company has a market cap of $3.16 billion, a price-to-earnings ratio of -23.01, a price-to-earnings-growth ratio of 2.79 and a beta of 1.03. The firm has a 50-day simple moving average of $31.44 and a 200-day simple moving average of $32.59.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. The company had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. Sell-side analysts expect that RingCentral will post 0.54 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $28.20, for a total transaction of $55,977.00. Following the transaction, the chief financial officer now owns 156,799 shares in the company, valued at approximately $4,421,731.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00. Following the completion of the transaction, the chief financial officer now owns 156,799 shares in the company, valued at approximately $4,421,731.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the sale, the chief financial officer now owns 388,919 shares in the company, valued at $13,553,827.15. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,869 shares of company stock valued at $762,165. Company insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Several large investors have recently made changes to their positions in RNG. Norges Bank acquired a new stake in RingCentral in the 4th quarter valued at about $30,471,000. Capital World Investors increased its holdings in shares of RingCentral by 7.3% in the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock valued at $421,723,000 after purchasing an additional 825,156 shares during the last quarter. Vanguard Group Inc. lifted its position in RingCentral by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after buying an additional 538,325 shares in the last quarter. First Trust Advisors LP lifted its position in RingCentral by 15.9% during the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock worth $67,626,000 after buying an additional 273,109 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in RingCentral by 163.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after buying an additional 192,766 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.