RingCentral (NYSE:RNG) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of RingCentral (NYSE:RNG) in a research note released on Monday, Benzinga reports. The firm currently has a $42.00 target price on the software maker’s stock.

A number of other research firms have also recently weighed in on RNG. Piper Sandler decreased their price target on RingCentral from $32.00 to $31.00 and set a neutral rating for the company in a report on Wednesday, July 10th. Wells Fargo & Company upped their price target on RingCentral from $28.00 to $35.00 and gave the company an equal weight rating in a research report on Friday. Robert W. Baird upped their price target on RingCentral from $35.00 to $36.00 and gave the company a neutral rating in a research report on Monday. Deutsche Bank Aktiengesellschaft increased their target price on RingCentral from $38.00 to $42.00 and gave the stock a buy rating in a research report on Thursday, May 9th. Finally, UBS Group increased their target price on RingCentral from $37.00 to $40.00 and gave the stock a neutral rating in a research report on Wednesday, May 8th. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $40.50.

RingCentral Price Performance

NYSE RNG traded down $1.08 on Monday, reaching $33.79. The company had a trading volume of 1,180,086 shares, compared to its average volume of 1,183,849. The firm has a market capitalization of $3.11 billion, a PE ratio of -23.01, a P/E/G ratio of 3.02 and a beta of 1.03. RingCentral has a 1 year low of $25.08 and a 1 year high of $39.15. The firm has a 50-day moving average of $31.31 and a 200-day moving average of $32.66.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. GAMMA Investing LLC bought a new position in shares of RingCentral in the 4th quarter valued at approximately $26,000. Hexagon Capital Partners LLC raised its stake in shares of RingCentral by 116.8% in the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock valued at $32,000 after acquiring an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new position in shares of RingCentral in the 4th quarter valued at approximately $33,000. Nisa Investment Advisors LLC raised its stake in shares of RingCentral by 100.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after acquiring an additional 500 shares in the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after acquiring an additional 664 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other 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.