RingCentral (NYSE:RNG) Earns “Buy” Rating from Rosenblatt Securities

RingCentral (NYSE:RNG)‘s stock had its “buy” rating reiterated by research analysts at Rosenblatt Securities in a note issued to investors on Monday,Benzinga reports. They currently have a $32.00 target price on the software maker’s stock. Rosenblatt Securities’ price target indicates a potential upside of 13.88% from the stock’s previous close.

A number of other research firms have also recently weighed in on RNG. Barclays cut their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Mizuho raised their price objective on shares of RingCentral from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Monday, May 12th. Wedbush cut their price objective on shares of RingCentral from $38.00 to $30.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Robert W. Baird cut their price objective on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Finally, UBS Group cut their price objective on shares of RingCentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $33.08.

RingCentral Stock Up 0.3%

Shares of NYSE:RNG opened at $28.10 on Monday. The firm’s 50 day moving average price is $25.33 and its 200 day moving average price is $31.60. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of -43.91, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. RingCentral has a fifty-two week low of $20.59 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.04. The firm had revenue of $612.06 million for the quarter, compared to analysts’ expectations of $610.53 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 earnings per share. On average, equities analysts anticipate that RingCentral will post 1.29 EPS for the current year.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 2,247 shares of RingCentral stock in a transaction on Friday, May 16th. The shares were sold at an average price of $27.97, for a total value of $62,848.59. Following the transaction, the chief financial officer now directly owns 120,982 shares in the company, valued at $3,383,866.54. This trade represents a 1.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. This trade represents a 10.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 249,987 shares of company stock worth $7,162,128 in the last three months. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Hedge funds and other institutional investors have recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in RingCentral in the 4th quarter valued at $49,000. New Age Alpha Advisors LLC acquired a new position in shares of RingCentral during the 1st quarter worth $49,000. PNC Financial Services Group Inc. grew its stake in shares of RingCentral by 26.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock worth $72,000 after purchasing an additional 615 shares during the period. Venturi Wealth Management LLC grew its stake in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after purchasing an additional 1,028 shares during the period. Finally, KBC Group NV grew its stake in shares of RingCentral by 30.8% during the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after purchasing an additional 819 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

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.