RingCentral (NYSE:RNG) Announces Quarterly Earnings Results

RingCentral (NYSE:RNG) announced its earnings results on Thursday. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10, reports. The company had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million.

RingCentral Stock Performance

Shares of RingCentral stock traded down $0.83 on Friday, hitting $37.97. The company had a trading volume of 2,624,389 shares, compared to its average volume of 1,218,857. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of -35.77, a P/E/G ratio of 2.92 and a beta of 0.99. RingCentral has a 1 year low of $26.23 and a 1 year high of $40.98. The stock has a 50 day moving average of $32.13 and a 200-day moving average of $32.24.

Analysts Set New Price Targets

Several research firms have recently weighed in on RNG. Northland Securities lifted their price objective on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Piper Sandler lifted their price objective on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, August 5th. Wedbush lifted their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Raymond James lowered their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Friday. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.60.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,256,584. 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 available at this hyperlink. In other news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,256,584. 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 available at this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the transaction, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock valued at $3,386,396 over the last ninety days. 6.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RingCentral

Institutional investors and hedge funds have recently bought and sold shares of the company. Natixis bought a new position in RingCentral during the first quarter valued at $837,000. Victory Capital Management Inc. lifted its position in shares of RingCentral by 35.0% during the second quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock worth $3,280,000 after acquiring an additional 30,138 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of RingCentral by 163.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after acquiring an additional 192,766 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of RingCentral during the first quarter worth $1,510,000. Finally, Olympiad Research LP purchased a new stake in shares of RingCentral during the third quarter worth $483,000. 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.