RingCentral (NYSE:RNG) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of RingCentral (NYSE:RNG) from a buy rating to a strong-buy rating in a report released on Saturday morning.

Other research analysts also recently issued research reports about the company. Raymond James cut their price target on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Needham & Company LLC cut their price target on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Piper Sandler cut their price target on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Morgan Stanley raised their price objective on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Finally, UBS Group dropped their price objective on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $37.69.

RingCentral Stock Performance

NYSE:RNG opened at $28.42 on Friday. The stock’s fifty day moving average price is $33.86 and its two-hundred day moving average price is $34.12. RingCentral has a 52-week low of $26.98 and a 52-week high of $42.19. The company has a market cap of $2.57 billion, a price-to-earnings ratio of -44.40, a P/E/G ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, equities analysts predict that RingCentral will post 1.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, SVP John H. Marlow sold 8,720 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the transaction, the senior vice president now owns 334,869 shares in the company, valued at approximately $14,081,241.45. This represents a 2.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction dated 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 owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 260,831 shares of company stock worth $7,642,238. Corporate insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp grew its holdings in shares of RingCentral by 56.2% in the 4th quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker’s stock valued at $4,460,000 after acquiring an additional 45,848 shares in the last quarter. PharVision Advisers LLC bought a new position in shares of RingCentral in the 4th quarter valued at about $246,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of RingCentral by 14.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,792 shares of the software maker’s stock valued at $8,955,000 after acquiring an additional 32,175 shares in the last quarter. Woodline Partners LP grew its holdings in shares of RingCentral by 17.6% in the 4th quarter. Woodline Partners LP now owns 138,956 shares of the software maker’s stock valued at $4,865,000 after acquiring an additional 20,799 shares in the last quarter. Finally, Two Sigma Advisers LP grew its holdings in shares of RingCentral by 79.5% in the 4th quarter. Two Sigma Advisers LP now owns 412,700 shares of the software maker’s stock valued at $14,449,000 after acquiring an additional 182,800 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

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.