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

StockNews.com lowered shares of RingCentral (NYSE:RNG) from a strong-buy rating to a buy rating in a research note released on Thursday.

Several other research analysts also recently commented on RNG. Mizuho lifted their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a report on Wednesday, May 8th. Robert W. Baird lifted their target price on shares of RingCentral from $32.00 to $35.00 and gave the stock a neutral rating in a report on Thursday, May 9th. Morgan Stanley dropped their price objective on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a report on Wednesday, April 17th. Needham & Company LLC restated a buy rating and set a $42.00 price objective on shares of RingCentral in a report on Monday, May 20th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of RingCentral from $38.00 to $42.00 and gave the stock a buy rating in a report on Thursday, May 9th. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $38.94.

RingCentral Trading Up 1.8 %

RingCentral stock opened at $34.91 on Thursday. The company has a market capitalization of $3.22 billion, a P/E ratio of -23.43, a P/E/G ratio of 2.99 and a beta of 1.03. The firm’s fifty day simple moving average is $31.40 and its 200-day simple moving average is $32.60. RingCentral has a 1-year low of $25.08 and a 1-year high of $41.76.

RingCentral (NYSE:RNG) last announced its earnings results on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. The firm had revenue of $584.21 million during the quarter, compared to the consensus estimate of $577.81 million. On average, equities research analysts predict that RingCentral will post 0.54 earnings per share for the current year.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the sale, the chief financial officer now directly owns 158,784 shares in the company, valued at approximately $5,717,811.84. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at $13,553,827.15. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the transaction, the chief financial officer now owns 158,784 shares in the company, valued at $5,717,811.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,869 shares of company stock worth $762,165. Corporate insiders own 6.76% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new position in shares of RingCentral during the fourth quarter worth approximately $26,000. Hexagon Capital Partners LLC lifted its position in shares of RingCentral by 116.8% during the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after purchasing an additional 501 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in shares of RingCentral during the fourth quarter worth approximately $33,000. Finally, Nisa Investment Advisors LLC lifted its position in shares of RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after purchasing an additional 500 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.