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

StockNews.com cut shares of RingCentral (NYSE:RNG) from a strong-buy rating to a buy rating in a research report sent to investors on Sunday morning.

Several other equities research analysts also recently issued reports on RNG. Mizuho lowered their price target on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. Barclays lowered their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Rosenblatt Securities lowered their price target on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Finally, Needham & Company LLC lowered their price target on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, RingCentral currently has an average rating of “Hold” and an average target price of $37.69.

RingCentral Price Performance

RingCentral stock opened at $26.76 on Friday. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -41.82, a PEG ratio of 1.27 and a beta of 1.20. RingCentral has a one year low of $26.64 and a one year high of $42.19. The company’s fifty day moving average price is $32.62 and its two-hundred day moving average price is $33.83.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. As a group, sell-side analysts anticipate that RingCentral will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the transaction, the director now owns 10,633 shares in the company, valued at $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at approximately $16,384,089. This represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 250,654 shares of company stock worth $7,220,502 over the last quarter. Company insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Rafferty Asset Management LLC raised its stake in shares of RingCentral by 1.7% in the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock valued at $689,000 after acquiring an additional 325 shares during the last quarter. Sovereign Financial Group Inc. raised its position in RingCentral by 4.0% in the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after purchasing an additional 386 shares during the last quarter. Gagnon Securities LLC raised its position in RingCentral by 5.6% in the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after purchasing an additional 407 shares during the last quarter. Xponance Inc. raised its position in RingCentral by 4.2% in the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock worth $373,000 after purchasing an additional 426 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in RingCentral by 10.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after purchasing an additional 468 shares during 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.