Rosenblatt Securities Reiterates Buy Rating for RingCentral (NYSE:RNG)

Rosenblatt Securities reaffirmed their buy rating on shares of RingCentral (NYSE:RNG) in a research report report published on Friday morning, Benzinga reports. They currently have a $45.00 price objective on the software maker’s stock.

A number of other equities analysts have also weighed in on RNG. Wedbush upgraded RingCentral to a “hold” rating in a research report on Thursday, October 17th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a report on Monday, August 5th. Robert W. Baird lifted their target price on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Piper Sandler reduced their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, Wells Fargo & Company lifted 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. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, RingCentral currently has an average rating of “Moderate Buy” and a consensus price target of $40.07.

RingCentral Stock Performance

Shares of NYSE:RNG opened at $36.45 on Friday. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of -25.67, a PEG ratio of 2.80 and a beta of 0.99. RingCentral has a 1-year low of $26.23 and a 1-year high of $38.35. The company has a 50 day moving average price of $31.76 and a 200 day moving average price of $31.98.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. The business’s revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) earnings per share. On average, sell-side analysts expect that RingCentral will post 0.63 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,256,584. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the transaction, the chief financial officer now owns 135,560 shares in the company, valued at $4,256,584. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock worth $3,386,396 over the last 90 days. 6.76% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RingCentral

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNG. Sei Investments Co. raised its position in shares of RingCentral by 2.3% in the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock valued at $816,000 after purchasing an additional 539 shares during the period. PNC Financial Services Group Inc. raised its holdings in RingCentral by 13.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock worth $154,000 after acquiring an additional 540 shares during the period. Sovereign Financial Group Inc. lifted its position in RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock worth $307,000 after acquiring an additional 625 shares during the last quarter. Versant Capital Management Inc boosted its holdings in RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after acquiring an additional 664 shares during the period. Finally, Xponance Inc. grew its position in shares of RingCentral by 6.8% in the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after purchasing an additional 704 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.