RingCentral (NYSE:RNG) Rating Increased to Strong-Buy at StockNews.com

RingCentral (NYSE:RNG) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Thursday.

RNG has been the subject of a number of other research reports. Mizuho upped their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group lowered their target price on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Wedbush reissued a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their price target on shares of RingCentral from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Piper Sandler upped their price objective on shares of RingCentral from $31.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, RingCentral currently has an average rating of “Moderate Buy” and a consensus target price of $39.58.

RingCentral Stock Performance

RNG traded up $1.07 on Thursday, reaching $35.46. The company had a trading volume of 1,331,706 shares, compared to its average volume of 1,144,865. RingCentral has a 52-week low of $25.08 and a 52-week high of $43.28. The company has a market cap of $3.27 billion, a price-to-earnings ratio of -20.26, a P/E/G ratio of 3.24 and a beta of 0.94. The business has a 50 day simple moving average of $32.87 and a 200 day simple moving average of $31.94.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. As a group, equities research analysts predict that RingCentral will post 0.45 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $34.84, for a total transaction of $491,696.92. Following the completion of the transaction, the chief financial officer now directly owns 116,640 shares in the company, valued at $4,063,737.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,113 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the completion of the transaction, the chief financial officer now directly owns 116,640 shares in the company, valued at $4,063,737.60. The disclosure for this sale can be found here. Insiders have sold 23,608 shares of company stock valued at $800,974 over the last quarter. Corporate insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC purchased a new stake in shares of RingCentral during the 4th quarter valued at about $26,000. Hexagon Capital Partners LLC grew its position in RingCentral by 116.8% in the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after purchasing an additional 501 shares during the period. Tennessee Valley Asset Management Partners bought a new position in shares of RingCentral during the 4th quarter valued at $33,000. Nisa Investment Advisors LLC grew its holdings in shares of RingCentral by 100.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its holdings in RingCentral by 438.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after acquiring an additional 977 shares during the period. 98.61% of the stock is owned by 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.