RingCentral’s (RNG) “Outperform” Rating Reiterated at Raymond James

Raymond James reaffirmed their outperform rating on shares of RingCentral (NYSE:RNG) in a report issued on Friday, MarketBeat Ratings reports. Raymond James currently has a $45.00 price target on the software maker’s stock, down from their prior price target of $50.00.

Several other research analysts also recently issued reports on the stock. Robert W. Baird upped their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Piper Sandler upped their price objective on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Mizuho reissued a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a report on Friday, December 13th. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Finally, Wedbush increased their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.64.

RingCentral Stock Performance

Shares of RNG opened at $35.40 on Friday. The stock has a market cap of $3.20 billion, a PE ratio of -33.40, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. The firm’s 50-day simple moving average is $37.33 and its two-hundred day simple moving average is $33.51. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. Equities research analysts predict that RingCentral will post 0.84 EPS for the current year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,781,201.20. The trade was a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares of the company’s stock, valued at approximately $12,509,317.28. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,188 shares of company stock worth $4,113,047. 6.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently modified their holdings of the company. Point72 DIFC Ltd bought a new stake in shares of RingCentral during the 2nd quarter valued at $39,000. Venturi Wealth Management LLC raised its holdings in RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after acquiring an additional 1,119 shares during the period. Quarry LP lifted its position in shares of RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after acquiring an additional 982 shares in the last quarter. KBC Group NV boosted its stake in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of RingCentral during the third quarter worth about $121,000. 98.61% of the stock is currently owned by institutional investors.

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.