RingCentral (NYSE:RNG) Coverage Initiated at KeyCorp

KeyCorp began coverage on shares of RingCentral (NYSE:RNG) in a research report sent to investors on Friday morning, MarketBeat Ratings reports. The firm issued a sector weight rating on the software maker’s stock.

A number of other equities research analysts have also recently weighed in on the stock. 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. Piper Sandler raised their price objective on RingCentral from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Barclays dropped their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Robert W. Baird reduced their price target on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Finally, Needham & Company LLC initiated coverage on RingCentral in a research report on Friday, May 9th. They issued a “buy” rating and a $36.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $33.08.

RingCentral Stock Up 1.5%

RNG opened at $27.20 on Friday. RingCentral has a 52 week low of $20.59 and a 52 week high of $42.19. The stock has a market cap of $2.45 billion, a PE ratio of -42.51, a PEG ratio of 1.27 and a beta of 1.27. The business has a 50 day moving average of $25.23 and a 200-day moving average of $30.55.

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

Insider Activity

In other news, SVP John H. Marlow sold 29,173 shares of the firm’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $774,834.88. Following the transaction, the senior vice president now directly owns 352,448 shares in the company, valued at $9,361,018.88. This trade represents a 7.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 94,956 shares of RingCentral stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $2,522,031.36. Following the completion of the sale, the chief executive officer now directly owns 607,719 shares of the company’s stock, valued at $16,141,016.64. The trade was a 13.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 215,686 shares of company stock valued at $5,727,463 in the last 90 days. 6.97% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RingCentral

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of RingCentral in the fourth quarter worth approximately $49,000. New Age Alpha Advisors LLC purchased a new stake in RingCentral during the first quarter valued at approximately $49,000. Venturi Wealth Management LLC raised its position in RingCentral by 55.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after acquiring an additional 1,028 shares during the period. PNC Financial Services Group Inc. boosted 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 acquiring an additional 615 shares during the last quarter. Finally, KBC Group NV grew its position 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 valued at $122,000 after acquiring an additional 819 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.