RingCentral's (RNG) "Buy" Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of RingCentral (NYSE:RNG - Free Report) in a report issued on Wednesday, Benzinga reports. The firm currently has a $42.00 price target on the software maker's stock.

A number of other brokerages also recently commented on RNG. Wells Fargo & Company dropped their target price on shares of RingCentral from $36.00 to $31.00 and set an equal weight rating on the stock in a research note on Wednesday, February 21st. 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 research note on Wednesday, April 17th. Mizuho increased their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a buy rating in a research note on Wednesday. Piper Sandler dropped their price objective on shares of RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a research note on Wednesday, February 21st. Finally, KeyCorp dropped their price objective on shares of RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a research note on Wednesday, February 21st. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, RingCentral has a consensus rating of Moderate Buy and an average target price of $39.28.

RingCentral Price Performance

RNG stock traded up $4.39 during mid-day trading on Wednesday, reaching $34.38. The company had a trading volume of 3,263,867 shares, compared to its average volume of 1,142,775. The company has a market capitalization of $3.17 billion, a PE ratio of -19.65, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. The firm has a 50 day moving average of $32.83 and a 200 day moving average of $31.92. RingCentral has a 12 month low of $25.08 and a 12 month high of $43.28.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. Analysts anticipate that RingCentral will post 0.45 EPS for the current year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of the firm's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the transaction, the chief financial officer now owns 114,656 shares of the company's stock, valued at $3,961,364.80. The transaction was disclosed in a filing with the SEC, which is available at this link. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now owns 23,688 shares of the company's stock, valued at approximately $816,525.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,984 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the transaction, the chief financial officer now directly owns 114,656 shares in the company, valued at $3,961,364.80. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock valued at $800,974 over the last 90 days. Insiders own 6.76% of the company's stock.

Institutional Investors Weigh In On RingCentral

A number of institutional investors and hedge funds have recently modified their holdings of the company. Readystate Asset Management LP raised its position in RingCentral by 68.9% during the 4th quarter. Readystate Asset Management LP now owns 228,810 shares of the software maker's stock worth $7,768,000 after buying an additional 93,361 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of RingCentral by 515.7% during 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 last quarter. Vanguard Group Inc. lifted its position in RingCentral by 4.9% during the third quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker's stock valued at $295,971,000 after purchasing an additional 469,280 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in RingCentral in the third quarter valued at $92,000. Finally, Rafferty Asset Management LLC grew its position in RingCentral by 6.9% during the 3rd quarter. Rafferty Asset Management LLC now owns 24,040 shares of the software maker's stock worth $712,000 after purchasing an additional 1,562 shares during the period. Institutional investors and hedge funds 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.