RingCentral (NYSE:RNG) Now Covered by Analysts at KeyCorp

KeyCorp assumed coverage on shares of RingCentral (NYSE:RNG - Free Report) in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage issued a sector weight rating on the software maker's stock.

Several other research analysts have also recently issued reports on RNG. Wedbush cut their target price on RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Wells Fargo & Company dropped their price objective on RingCentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 22nd. UBS Group cut their price objective on shares of RingCentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Piper Sandler increased their target price on shares of RingCentral from $25.00 to $28.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Finally, Mizuho raised their price target on shares of RingCentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, RingCentral has a consensus rating of "Hold" and an average price target of $33.08.

RingCentral Trading Up 1.5%

NYSE RNG traded up $0.40 during mid-day trading on Friday, hitting $27.20. The company's stock had a trading volume of 806,720 shares, compared to its average volume of 1,337,904. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of -42.51, a PEG ratio of 1.27 and a beta of 1.27. The company's 50 day simple moving average is $25.23 and its 200 day simple moving average is $30.61. RingCentral has a twelve month low of $20.59 and a twelve month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.96 by $0.04. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. During the same period last year, the company earned $0.87 earnings per share. The business's revenue was up 4.8% on a year-over-year basis. As a group, research analysts forecast that RingCentral will post 1.29 EPS for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, SVP John H. Marlow sold 29,173 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $774,834.88. Following the completion of the sale, the senior vice president now directly owns 352,448 shares of the company's stock, valued at $9,361,018.88. This trade represents a 7.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 2,247 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $27.97, for a total value of $62,848.59. Following the completion of the sale, the chief financial officer now owns 120,982 shares in the company, valued at approximately $3,383,866.54. The trade was a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 215,686 shares of company stock worth $5,727,463 over the last three months. 6.97% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC bought a new stake in RingCentral in the 4th quarter valued at about $49,000. New Age Alpha Advisors LLC purchased a new position in shares of RingCentral in the first quarter worth about $49,000. PNC Financial Services Group Inc. raised its position in shares of RingCentral by 26.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock valued at $72,000 after purchasing an additional 615 shares during the period. Venturi Wealth Management LLC lifted its stake in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after buying an additional 1,028 shares in the last quarter. Finally, KBC Group NV lifted its stake in shares of RingCentral by 30.8% during the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after buying an additional 819 shares in the last quarter. 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.