RingCentral (NYSE:RNG) Stock Rating Lowered by StockNews.com

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

A number of other equities analysts have also recently issued reports on the company. Morgan Stanley upped their target price on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Barclays lowered shares of RingCentral from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $45.00 to $37.00 in a report on Monday, January 27th. Piper Sandler upped their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $40.60.

RingCentral Stock Up 1.5 %

NYSE RNG opened at $34.84 on Wednesday. The firm’s fifty day moving average price is $35.96 and its two-hundred day moving average price is $34.35. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19.

Insiders Place Their Bets

In related news, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the transaction, the senior vice president now directly owns 357,818 shares of the company’s stock, valued at approximately $12,509,317.28. This represents a 6.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 2,178 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,781,201.20. This trade represents a 1.58 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,188 shares of company stock worth $4,113,047. 6.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

A number of large investors have recently modified their holdings of RNG. Venturi Wealth Management LLC increased its stake in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares in the last quarter. Quarry LP increased its position in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares in the last quarter. KBC Group NV increased its position in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares in the last quarter. CWM LLC raised its holdings in shares of RingCentral by 595.9% in the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after acquiring an additional 4,064 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in RingCentral in the 4th quarter valued at about $173,000. 98.61% of the stock is currently owned by institutional investors.

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.