RingCentral (NYSE:RNG) Downgraded by StockNews.com to Buy

RingCentral (NYSE:RNG) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Friday.

Several other research firms have also recently commented on RNG. Rosenblatt Securities raised RingCentral from a “neutral” rating to a “buy” rating and raised their target price for the stock from $35.00 to $45.00 in a research note on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft increased their target price 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. Finally, Robert W. Baird lifted their price target on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.07.

RingCentral Stock Performance

Shares of NYSE RNG traded down $0.94 during midday trading on Friday, reaching $28.06. The stock had a trading volume of 1,517,531 shares, compared to its average volume of 1,186,384. The company’s 50 day moving average price is $32.15 and its 200 day moving average price is $32.51. RingCentral has a twelve month low of $25.08 and a twelve month high of $38.35. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of -18.83, a price-to-earnings-growth ratio of 2.60 and a beta of 1.03.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. During the same quarter in the previous year, the firm earned ($0.03) EPS. RingCentral’s quarterly revenue was up 9.9% on a year-over-year basis. Equities analysts forecast that RingCentral will post 0.63 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the sale, the chief financial officer now owns 358,622 shares of the company’s stock, valued at $11,995,905.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other RingCentral news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total value 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 approximately $11,995,905.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,824 shares of company stock valued at $3,380,044. Company insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its holdings in RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares during the period. Newbridge Financial Services Group Inc. boosted its position in shares of RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after purchasing an additional 977 shares in the last quarter. Hexagon Capital Partners LLC boosted its position in shares of RingCentral by 44.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after purchasing an additional 410 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of RingCentral in the 2nd quarter worth approximately $39,000. Finally, PNC Financial Services Group Inc. increased its position in RingCentral by 13.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after buying an additional 540 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

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.