RingCentral (NYSE:RNG) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of RingCentral (NYSE:RNG – Get Rating) from a buy rating to a hold rating in a research note published on Tuesday.

A number of other research analysts also recently issued reports on RNG. Rosenblatt Securities started coverage on shares of RingCentral in a research report on Thursday, March 23rd. They set a buy rating and a $35.00 target price for the company. Jefferies Financial Group decreased their target price on shares of RingCentral from $50.00 to $45.00 in a research report on Friday, February 24th. Oppenheimer restated a market perform rating on shares of RingCentral in a research report on Friday, March 17th. KeyCorp boosted their target price on shares of RingCentral from $40.00 to $45.00 in a research report on Wednesday, May 10th. Finally, Northland Securities decreased their price objective on shares of RingCentral from $63.00 to $54.00 in a research report on Thursday, May 11th. Eleven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral currently has an average rating of Moderate Buy and an average target price of $47.39.

RingCentral Stock Down 3.4 %

Shares of RNG stock opened at $29.50 on Tuesday. The company’s 50 day moving average is $28.69 and its 200 day moving average is $33.95. RingCentral has a 52-week low of $25.32 and a 52-week high of $68.54. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of -3.60, a PEG ratio of 47.61 and a beta of 0.94.

Insider Activity at RingCentral

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 4,250 shares of the firm’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $27.24, for a total transaction of $115,770.00. Following the transaction, the chief financial officer now directly owns 129,005 shares of the company’s stock, valued at approximately $3,514,096.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.49% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Cornerstone Wealth Advisors Inc. purchased a new stake in RingCentral during the first quarter worth about $26,000. C M Bidwell & Associates Ltd. purchased a new stake in shares of RingCentral in the third quarter valued at about $30,000. Harvest Fund Management Co. Ltd lifted its holdings in shares of RingCentral by 17,125.0% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 1,378 shares of the software maker’s stock valued at $49,000 after purchasing an additional 1,370 shares in the last quarter. Dark Forest Capital Management LP lifted its holdings in shares of RingCentral by 40,375.0% in the first quarter. Dark Forest Capital Management LP now owns 1,619 shares of the software maker’s stock valued at $50,000 after purchasing an additional 1,615 shares in the last quarter. Finally, Yarbrough Capital LLC purchased a new stake in shares of RingCentral in the fourth quarter valued at about $51,000. 88.09% of the stock is currently owned by institutional investors and hedge funds.

About RingCentral

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RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.