RingCentral (NYSE:RNG) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of RingCentral (NYSE:RNG) from a buy rating to a strong-buy rating in a research report sent to investors on Tuesday.

RNG has been the topic of a number of other research reports. UBS Group lowered their price target on RingCentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Needham & Company LLC started coverage on RingCentral in a report on Friday, May 9th. They issued a “buy” rating and a $36.00 price target on the stock. Mizuho upped their price target on RingCentral from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Monday. Raymond James lowered their price target on RingCentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, May 9th. Finally, Piper Sandler upped their price target on RingCentral from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $32.77.

RingCentral Trading Down 0.0%

NYSE RNG opened at $28.35 on Tuesday. The business’s 50 day moving average is $25.29 and its two-hundred day moving average is $31.77. RingCentral has a 12-month low of $20.59 and a 12-month high of $42.19. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of -44.30, a PEG ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.04. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $612.06 million for the quarter, compared to analysts’ expectations of $610.53 million. During the same quarter in the previous year, the firm posted $0.87 EPS. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. Equities analysts forecast that RingCentral will post 1.29 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. This represents a 10.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Rafferty Asset Management LLC raised its position 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 worth $689,000 after buying an additional 325 shares during the period. Sovereign Financial Group Inc. raised its position in shares of RingCentral by 4.0% in the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after buying an additional 386 shares during the period. Gagnon Securities LLC raised its position in shares of RingCentral by 5.6% in the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after buying an additional 407 shares during the period. Xponance Inc. raised 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 worth $373,000 after buying an additional 426 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of RingCentral by 10.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after buying an additional 468 shares during the period. 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.