Investment Analysts’ Weekly Ratings Updates for RingCentral (RNG)

A number of firms have modified their ratings and price targets on shares of RingCentral (NYSE: RNG) recently:

• 8/6/2024 – RingCentral had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $42.00 to $45.00. They now have a “buy” rating on the stock.
• 8/5/2024 – RingCentral was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating.
• 8/5/2024 – RingCentral had its price target raised by analysts at Robert W. Baird from $35.00 to $36.00. They now have a “neutral” rating on the stock.
• 8/5/2024 – RingCentral had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $42.00 price target on the stock.
• 8/2/2024 – RingCentral had its price target raised by analysts at Northland Securities from $43.00 to $50.00. They now have an “outperform” rating on the stock.
• 8/2/2024 – RingCentral had its price target raised by analysts at Wells Fargo & Company from $28.00 to $35.00. They now have an “equal weight” rating on the stock.
• 8/2/2024 – RingCentral was upgraded by analysts at Rosenblatt Securities from a “neutral” rating to a “buy” rating. They now have a $45.00 price target on the stock, up previously from $35.00.
• 7/25/2024 – RingCentral was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating.
• 7/10/2024 – RingCentral had its price target lowered by analysts at Piper Sandler from $32.00 to $31.00. They now have a “neutral” rating on the stock.
• 6/21/2024 – RingCentral had its price target lowered by analysts at Wells Fargo & Company from $33.00 to $28.00. They now have an “equal weight” rating on the stock.

RingCentral Trading Down 3.0 %

RNG traded down $1.06 during trading hours on Tuesday, hitting $33.81. The company’s stock had a trading volume of 1,201,872 shares, compared to its average volume of 1,183,995. RingCentral, Inc. has a fifty-two week low of $25.08 and a fifty-two week high of $39.15. The company has a 50-day simple moving average of $31.31 and a 200 day simple moving average of $32.66. The firm has a market capitalization of $3.12 billion, a PE ratio of -22.69, a PEG ratio of 3.02 and a beta of 1.03.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. During the same quarter last year, the firm posted ($0.03) earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. Research analysts expect that RingCentral, Inc. will post 0.54 earnings per share for the current fiscal year.

Insider Buying and Selling at RingCentral

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

Hedge Funds Weigh In On RingCentral

A number of large investors have recently made changes to their positions in the business. Intellectus Partners LLC grew its stake in RingCentral by 4.3% in the fourth quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock valued at $290,000 after purchasing an additional 350 shares in the last quarter. Treasurer of the State of North Carolina grew its position in RingCentral by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock worth $1,284,000 after acquiring an additional 360 shares in the last quarter. 1492 Capital Management LLC increased its stake in shares of RingCentral by 1.0% during the 4th quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock worth $1,248,000 after purchasing an additional 363 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of RingCentral by 44.1% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after purchasing an additional 410 shares in the last quarter. Finally, Simplicity Solutions LLC lifted its stake in shares of RingCentral by 4.5% in the 4th quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock valued at $365,000 after purchasing an additional 467 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.