RingCentral (NYSE:RNG) Cut to Buy at StockNews.com

StockNews.com lowered shares of RingCentral (NYSE:RNG) from a strong-buy rating to a buy rating in a research note published on Wednesday morning.

Other analysts have also issued reports about the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 target price on shares of RingCentral in a report on Friday, November 8th. Barclays lowered shares of RingCentral from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $45.00 to $37.00 in a report on Monday, January 27th. Needham & Company LLC reissued a “buy” rating and set a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Morgan Stanley lifted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Finally, Wedbush increased their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $40.60.

RingCentral Stock Performance

NYSE:RNG opened at $33.75 on Wednesday. The firm’s fifty day moving average is $35.74 and its two-hundred day moving average is $34.35. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -31.84, a PEG ratio of 1.43 and a beta of 1.01. RingCentral has a one year low of $26.98 and a one year high of $42.19.

Insider Transactions at RingCentral

In other news, CEO Vladimir Shmunis sold 66,451 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the sale, the director now owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,188 shares of company stock valued at $4,113,047 over the last 90 days. 6.97% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. CWM LLC grew its holdings in shares of RingCentral by 595.9% during the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after purchasing an additional 4,064 shares during the period. Wedge Capital Management L L P NC boosted its stake in RingCentral by 13.9% during the third quarter. Wedge Capital Management L L P NC now owns 65,647 shares of the software maker’s stock worth $2,076,000 after buying an additional 8,019 shares during the period. Creative Planning acquired a new stake in shares of RingCentral during the third quarter valued at about $211,000. nVerses Capital LLC raised its stake in shares of RingCentral by 916.7% in the 3rd quarter. nVerses Capital LLC now owns 6,100 shares of the software maker’s stock valued at $193,000 after acquiring an additional 5,500 shares during the period. Finally, Tempus Wealth Planning LLC acquired a new position in shares of RingCentral in the 3rd quarter worth approximately $222,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.