RingCentral (NYSE:RNG) Earns "Neutral" Rating from Rosenblatt Securities

Rosenblatt Securities reaffirmed their neutral rating on shares of RingCentral (NYSE:RNG - Free Report) in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a $35.00 price target on the software maker's stock.

Several other brokerages have also recently weighed in on RNG. KeyCorp dropped their price target on shares of RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a research report on Wednesday, February 21st. Wedbush reaffirmed a neutral rating and issued a $40.00 price target on shares of RingCentral in a research report on Friday, February 16th. Piper Sandler dropped their price target on shares of RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a research report on Wednesday, February 21st. Wells Fargo & Company dropped their price target on shares of RingCentral from $36.00 to $31.00 and set an equal weight rating on the stock in a research report on Wednesday, February 21st. Finally, Morgan Stanley dropped their price target on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research report on Wednesday, April 17th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $38.56.

RingCentral Price Performance

Shares of RNG stock traded up $0.46 on Wednesday, reaching $30.08. 950,409 shares of the company were exchanged, compared to its average volume of 1,137,008. The company has a market cap of $2.78 billion, a price-to-earnings ratio of -17.19, a PEG ratio of 3.31 and a beta of 0.92. The company has a 50-day moving average of $32.91 and a 200-day moving average of $31.86. RingCentral has a one year low of $25.08 and a one year high of $43.28.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. As a group, sell-side analysts predict that RingCentral will post 0.45 EPS for the current year.

Insider Activity at RingCentral

In related news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $34.84, for a total transaction of $491,696.92. Following the completion of the transaction, the chief financial officer now owns 116,640 shares of the company's stock, valued at $4,063,737.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,608 shares of company stock worth $800,974. Corporate insiders own 6.76% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RNG. Sylebra Capital LLC bought a new position in shares of RingCentral in the third quarter worth $242,462,000. Ameriprise Financial Inc. increased its holdings in shares of RingCentral by 515.7% in the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker's stock worth $80,489,000 after purchasing an additional 2,275,245 shares during the period. Norges Bank bought a new position in shares of RingCentral in the fourth quarter worth $30,471,000. Maple Rock Capital Partners Inc. bought a new position in shares of RingCentral in the third quarter worth $15,510,000. Finally, Vanguard Group Inc. increased its holdings in shares of RingCentral by 4.9% in the third quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker's stock worth $295,971,000 after purchasing an additional 469,280 shares during the period. Institutional investors own 98.61% of the company's stock.

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.