RingCentral (NYSE:RNG) Downgraded to “Buy” Rating by StockNews.com

StockNews.com cut shares of RingCentral (NYSE:RNG) from a strong-buy rating to a buy rating in a research report released on Wednesday.

RNG has been the subject of a number of other reports. Needham & Company LLC reissued a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Wells Fargo & Company restated an “underweight” rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Robert W. Baird increased their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Mizuho reduced their target price on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Morgan Stanley increased their target price on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $40.60.

RingCentral Trading Up 1.5 %

RNG opened at $34.84 on Wednesday. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The firm’s fifty day moving average is $35.96 and its two-hundred day moving average is $34.35.

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the sale, the senior vice president now directly owns 357,818 shares in the company, valued at approximately $12,509,317.28. The trade was a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $2,323,126.96. Following the sale, the chief executive officer now directly owns 479,468 shares in the company, valued at $16,762,201.28. This represents a 12.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,188 shares of company stock worth $4,113,047. Company insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hennessy Advisors Inc. bought a new position in shares of RingCentral in the fourth quarter worth $59,055,000. Arrowstreet Capital Limited Partnership boosted its position in shares of RingCentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock worth $50,598,000 after acquiring an additional 1,164,241 shares in the last quarter. Pacer Advisors Inc. increased its stake in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after acquiring an additional 822,892 shares during the last quarter. Valley Wealth Managers Inc. acquired a new position in RingCentral during the fourth quarter valued at approximately $20,792,000. Finally, Wellington Management Group LLP acquired a new stake in shares of RingCentral in the 4th quarter valued at $15,630,000. 98.61% of the stock is owned by institutional investors and hedge funds.

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.