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

RingCentral (NYSE:RNG) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Thursday.

Several other analysts also recently commented on the stock. Morgan Stanley raised their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Rosenblatt Securities restated a “buy” rating and issued a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Wells Fargo & Company reiterated an “underweight” rating and set a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Barclays downgraded RingCentral from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $45.00 to $37.00 in a research note on Monday, January 27th. Finally, Raymond James reaffirmed an “outperform” rating and set a $45.00 price target (down from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $40.60.

RingCentral Price Performance

Shares of RNG traded down $0.96 during trading hours on Thursday, hitting $30.78. 2,386,947 shares of the stock were exchanged, compared to its average volume of 1,130,740. The firm has a market capitalization of $2.78 billion, a P/E ratio of -29.04, a price-to-earnings-growth ratio of 1.39 and a beta of 1.01. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The business has a 50-day moving average of $35.02 and a 200-day moving average of $34.29.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, analysts forecast that RingCentral will post 0.84 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In related news, Director Ned D. Segal sold 2,914 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP John H. Marlow sold 8,720 shares of RingCentral stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the sale, the senior vice president now owns 334,869 shares in the company, valued at $14,081,241.45. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,091 shares of company stock valued at $542,958 over the last ninety days. Corporate insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several institutional investors have recently added to or reduced their stakes in RNG. Fort Washington Investment Advisors Inc. OH boosted its stake in RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after acquiring an additional 134,928 shares during the last quarter. Hennessy Advisors Inc. bought a new stake in shares of RingCentral in the 4th quarter worth approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in RingCentral by 65.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after purchasing an additional 151,433 shares during the last quarter. Olympiad Research LP bought a new position in RingCentral during the third quarter valued at $483,000. Finally, Beaumont Financial Advisors LLC purchased a new stake in RingCentral in the fourth quarter worth $262,000. Institutional investors own 98.61% of the company’s stock.

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.