RingCentral (NYSE:RNG) Upgraded by StockNews.com to Strong-Buy Rating

RingCentral (NYSE:RNG) was upgraded by investment analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Thursday.

A number of other equities research analysts have also issued reports on RNG. Mizuho cut their target price on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. Morgan Stanley lifted their target price on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Wedbush raised their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Raymond James reiterated an “outperform” rating and set a $45.00 target price (down previously from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $40.60.

RingCentral Stock Performance

Shares of NYSE:RNG traded down $0.96 during midday trading on Thursday, hitting $30.78. 2,386,947 shares of the company’s stock traded hands, compared to its average volume of 1,130,740. The firm’s fifty day moving average price is $35.02 and its two-hundred day moving average price is $34.29. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The company has a market cap of $2.78 billion, a PE ratio of -29.04, a P/E/G ratio of 1.39 and a beta of 1.01.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, equities research analysts anticipate that RingCentral will post 0.84 EPS for the current fiscal year.

Insider Transactions at RingCentral

In related news, SVP John H. Marlow sold 8,720 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the sale, the senior vice president now owns 334,869 shares of the company’s stock, valued at approximately $14,081,241.45. This trade represents a 2.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert I. Theis sold 1,457 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the sale, the director now directly owns 28,690 shares in the company, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,091 shares of company stock worth $542,958 in the last quarter. 6.97% of the stock is owned by company insiders.

Institutional Trading of RingCentral

A number of institutional investors have recently made changes to their positions in RNG. Rafferty Asset Management LLC boosted its holdings in shares of RingCentral by 1.7% in the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock valued at $689,000 after buying an additional 325 shares during the last quarter. Sovereign Financial Group Inc. raised its position in RingCentral by 4.0% during the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after acquiring an additional 386 shares in the last quarter. Gagnon Securities LLC lifted its stake in RingCentral by 5.6% in the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock valued at $270,000 after acquiring an additional 407 shares during the last quarter. Xponance Inc. grew its position in shares of RingCentral by 4.2% in the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after acquiring an additional 426 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after purchasing an additional 468 shares during the last quarter. Institutional investors 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.