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

RingCentral (NYSE:RNG) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Wednesday.

A number of other analysts have also weighed in on RNG. Morgan Stanley increased 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. Raymond James reissued an “outperform” rating and issued a $45.00 price objective (down from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Piper Sandler increased their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Robert W. Baird increased their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $40.60.

RingCentral Price Performance

RingCentral stock opened at $35.18 on Wednesday. RingCentral has a 1-year low of $26.98 and a 1-year high of $42.19. The firm has a market capitalization of $3.18 billion, a P/E ratio of -33.18, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01. The company’s 50-day moving average is $35.89 and its 200 day moving average is $34.35.

Insiders Place Their Bets

In other news, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the transaction, the director now directly owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. The trade was a 4.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,781,201.20. The trade was a 1.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,188 shares of company stock worth $4,113,047. 6.97% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Fort Washington Investment Advisors Inc. OH increased its position in RingCentral by 32.5% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after buying an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in RingCentral during the 4th quarter valued at about $59,055,000. Connor Clark & Lunn Investment Management Ltd. increased its position in RingCentral by 65.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after buying an additional 151,433 shares in the last quarter. Olympiad Research LP acquired a new position in RingCentral during the 3rd quarter valued at about $483,000. Finally, Beaumont Financial Advisors LLC acquired a new position in RingCentral during the 4th quarter valued at about $262,000. 98.61% of the stock is 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.