RingCentral (NYSE:RNG) Coverage Initiated by Analysts at KeyCorp

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

Several other analysts have also issued reports on the company. Morgan Stanley cut their target price on RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Wedbush lowered their price target on RingCentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Piper Sandler raised their target price on shares of RingCentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Rosenblatt Securities restated a "buy" rating and issued a $32.00 price target on shares of RingCentral in a research note on Monday, May 19th. Finally, Barclays decreased their target price on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $33.08.

RingCentral Stock Performance

RNG stock traded up $0.21 during mid-day trading on Friday, hitting $27.41. The company had a trading volume of 912,094 shares, compared to its average volume of 1,339,183. The firm has a market cap of $2.47 billion, a PE ratio of -42.83, a price-to-earnings-growth ratio of 1.27 and a beta of 1.27. RingCentral has a 12 month low of $20.59 and a 12 month high of $42.19. The stock's fifty day moving average price is $25.26 and its two-hundred day moving average price is $30.49.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.04. The company had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company's quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.87 earnings per share. Equities analysts anticipate that RingCentral will post 1.29 earnings per share for the current year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 2,247 shares of the company's stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 120,982 shares in the company, valued at $3,383,866.54. This represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 94,956 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $2,522,031.36. Following the completion of the transaction, the chief executive officer now owns 607,719 shares of the company's stock, valued at approximately $16,141,016.64. The trade was a 13.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 215,686 shares of company stock worth $5,727,463. 6.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of RingCentral in the fourth quarter worth $49,000. New Age Alpha Advisors LLC purchased a new position in shares of RingCentral in the first quarter worth $49,000. PNC Financial Services Group Inc. lifted its holdings 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 worth $72,000 after buying an additional 615 shares in the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of RingCentral by 55.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after buying an additional 1,028 shares in the last quarter. Finally, KBC Group NV lifted its holdings in shares of RingCentral by 30.8% in the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after buying an additional 819 shares in the last quarter. 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.