RingCentral (NYSE:RNG) Rating Increased to Strong-Buy at StockNews.com

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

A number of other brokerages have also recently weighed in on RNG. Deutsche Bank Aktiengesellschaft increased their price target on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Robert W. Baird raised their price target on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Northland Securities upped their price objective on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research report on Monday, August 5th. Finally, Rosenblatt Securities raised RingCentral from a “neutral” rating to a “buy” rating and boosted their target price for the company from $35.00 to $45.00 in a report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.07.

RingCentral Stock Performance

Shares of RNG stock traded up $1.38 during mid-day trading on Friday, hitting $32.73. 1,231,236 shares of the stock were exchanged, compared to its average volume of 1,229,388. The stock’s fifty day simple moving average is $31.53 and its two-hundred day simple moving average is $31.87. RingCentral has a 12-month low of $25.08 and a 12-month high of $38.35. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of -23.05, a P/E/G ratio of 2.37 and a beta of 1.03.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million for the quarter, compared to analysts’ expectations of $586.39 million. During the same quarter in the prior year, the business earned ($0.03) EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, research analysts expect that RingCentral will post 0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 62,244 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the transaction, the chief financial officer now owns 358,622 shares of the company’s stock, valued at $11,995,905.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the sale, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 103,824 shares of company stock valued at $3,386,396. Corporate insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Several institutional investors and hedge funds have recently modified their holdings of RNG. Capital World Investors increased its stake in shares of RingCentral by 7.3% during the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after purchasing an additional 825,156 shares in the last quarter. Vanguard Group Inc. grew its holdings in RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after buying an additional 538,325 shares during the last quarter. Pacer Advisors Inc. increased its position in RingCentral by 25.2% during the second quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after buying an additional 365,738 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in shares of RingCentral by 130.1% in the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after acquiring an additional 234,238 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after acquiring an additional 192,766 shares in the last quarter. Hedge funds and other 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.