Wedbush Reaffirms "Neutral" Rating for RingCentral (NYSE:RNG)

RingCentral (NYSE:RNG - Get Free Report)'s stock had its "neutral" rating reissued by equities research analysts at Wedbush in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $40.00 price objective on the software maker's stock. Wedbush's price objective indicates a potential upside of 12.82% from the stock's current price.

Several other research analysts have also weighed in on the company. The Goldman Sachs Group cut their target price on RingCentral from $38.00 to $34.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 21st. KeyCorp reduced 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. Mizuho raised their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday. Wells Fargo & Company upped their price target on shares of RingCentral from $31.00 to $33.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Finally, Needham & Company LLC reissued a "buy" rating and issued a $42.00 price objective on shares of RingCentral in a research report on Wednesday. Ten research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, RingCentral presently has a consensus rating of "Moderate Buy" and an average price target of $39.58.

RingCentral Trading Up 3.1 %

Shares of NYSE RNG traded up $1.07 during trading hours on Thursday, reaching $35.46. The stock had a trading volume of 1,331,706 shares, compared to its average volume of 1,144,865. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -20.17, a PEG ratio of 3.24 and a beta of 0.94. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $43.28. The firm has a 50-day moving average of $32.83 and a 200-day moving average of $31.92.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $571.27 million for the quarter, compared to analysts' expectations of $569.65 million. On average, equities analysts predict that RingCentral will post 0.45 EPS for the current year.

Insider Buying and Selling at RingCentral

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

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sylebra Capital LLC acquired a new position in RingCentral in the third quarter worth about $242,462,000. Ameriprise Financial Inc. boosted its stake in RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker's stock valued at $80,489,000 after buying an additional 2,275,245 shares in the last quarter. Norges Bank bought a new stake in RingCentral in the fourth quarter valued at $30,471,000. Maple Rock Capital Partners Inc. bought a new position in shares of RingCentral during the third quarter valued at $15,510,000. Finally, Vanguard Group Inc. grew its holdings in shares of RingCentral by 4.9% in the 3rd 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 last quarter. 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.