RingCentral (NYSE:RNG) Upgraded at StockNews.com

StockNews.com upgraded shares of RingCentral (NYSE:RNG) from a buy rating to a strong-buy rating in a research note issued to investors on Monday morning.

Other equities analysts have also recently issued reports about the stock. Northland Securities upped their price target on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft raised their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Wells Fargo & Company lifted their price objective on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird increased their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, RingCentral currently has a consensus rating of “Moderate Buy” and an average target price of $40.73.

RingCentral Trading Down 3.2 %

RNG stock opened at $36.74 on Monday. The company has a 50 day simple moving average of $32.59 and a 200 day simple moving average of $32.42. RingCentral has a 1 year low of $26.98 and a 1 year high of $40.98.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $601.91 million. Research analysts forecast that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Activity

In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the transaction, the chief financial officer now directly owns 358,622 shares in the company, valued at $11,995,905.90. This trade represents a 2.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 10,184 shares of the business’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 sale, the chief financial officer now owns 137,545 shares of the company’s stock, valued at $4,522,479.60. This trade represents a 6.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock worth $3,386,396 in the last three months. Company insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc boosted its position in shares of RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after buying an additional 664 shares during the last quarter. Point72 DIFC Ltd bought a new position in RingCentral during the 2nd quarter valued at $39,000. Venturi Wealth Management LLC boosted its holdings in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares during the last quarter. KBC Group NV grew its stake in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of RingCentral in the third quarter valued at about $121,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.