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 report report published on Monday morning.

Other equities research analysts have also recently issued reports about the stock. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research report on Monday. Wells Fargo & Company raised 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. Northland Securities upped 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. Piper Sandler raised their target price on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Wedbush upped their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $40.73.

RingCentral Trading Up 4.6 %

Shares of NYSE RNG opened at $37.94 on Monday. The stock has a market cap of $3.48 billion, a PE ratio of -35.79, a P/E/G ratio of 2.30 and a beta of 0.99. RingCentral has a 12-month low of $26.63 and a 12-month high of $40.98. The company has a 50-day moving average of $32.44 and a 200 day moving average of $32.39.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, sell-side analysts forecast that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Buying and Selling

In other RingCentral news, 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 value of $334,849.92. Following the completion of the transaction, the chief financial officer now owns 137,545 shares in the company, valued at $4,522,479.60. The trade was 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 the SEC website. In other news, CAO John H. Marlow sold 19,498 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 10,184 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was 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 in the company, valued at $4,522,479.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock valued at $3,386,396 in the last ninety days. Company insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its position in shares of RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in RingCentral in the second quarter valued at $39,000. Venturi Wealth Management LLC lifted 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 buying an additional 1,119 shares during the last quarter. KBC Group NV boosted its position in shares of RingCentral by 38.9% during 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 position in shares of RingCentral in the 3rd quarter valued at about $121,000. 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.