RingCentral (NYSE:RNG) Downgraded by StockNews.com

StockNews.com downgraded shares of RingCentral (NYSE:RNG) from a strong-buy rating to a buy rating in a research note released on Saturday.

RNG has been the topic of several other reports. Robert W. Baird upped their target price on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Northland Securities increased their price objective on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Wells Fargo & Company increased their price target on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Finally, Piper Sandler reduced their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $40.07.

RingCentral Stock Performance

Shares of RNG stock opened at $33.93 on Friday. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $38.35. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of -22.77, a PEG ratio of 2.55 and a beta of 1.03. The stock’s 50-day simple moving average is $31.49 and its 200-day simple moving average is $31.82.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to analysts’ expectations of $586.39 million. During the same period in the prior year, the firm posted ($0.03) EPS. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, equities analysts forecast that RingCentral will post 0.63 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the sale, the chief financial officer now directly owns 358,622 shares in the company, valued at $11,995,905.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total transaction of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares in the company, valued at approximately $4,522,479.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the transaction, the chief financial officer now directly owns 358,622 shares in the company, valued at approximately $11,995,905.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,824 shares of company stock valued at $3,386,396. Corporate insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Natixis acquired a new stake in RingCentral in the 1st quarter worth about $837,000. Vanguard Group Inc. increased its position in shares of RingCentral by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after purchasing an additional 382,343 shares in the last quarter. Victory Capital Management Inc. raised its stake in RingCentral by 35.0% in the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock valued at $3,280,000 after purchasing an additional 30,138 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in RingCentral by 163.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after purchasing an additional 192,766 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in RingCentral during the 1st quarter worth $1,510,000. 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.