RingCentral's (RNG) Buy Rating Reaffirmed at Rosenblatt Securities

RingCentral (NYSE:RNG - Get Free Report)'s stock had its "buy" rating reaffirmed by Rosenblatt Securities in a research report issued on Monday,Benzinga reports. They currently have a $32.00 target price on the software maker's stock. Rosenblatt Securities' price objective indicates a potential upside of 23.29% from the stock's previous close.

RNG has been the subject of several other reports. Mizuho lifted their price objective on shares of RingCentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Piper Sandler lifted their price objective on shares of RingCentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. UBS Group reduced their target price on shares of RingCentral from $38.00 to $33.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Wedbush reduced their target price on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Wall Street Zen raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $33.08.

RingCentral Price Performance

Shares of NYSE:RNG traded down $0.60 during trading on Monday, reaching $25.96. 646,455 shares of the company were exchanged, compared to its average volume of 1,338,646. The firm has a market capitalization of $2.33 billion, a PE ratio of -40.55, a P/E/G ratio of 1.27 and a beta of 1.33. The business's fifty day simple moving average is $25.31 and its 200-day simple moving average is $31.33. RingCentral has a 12-month low of $20.59 and a 12-month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping 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 business had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. During the same period last year, the company posted $0.87 earnings per share. The company's quarterly revenue was up 4.8% compared to the same quarter last year. On average, sell-side analysts anticipate that RingCentral will post 1.29 EPS for the current fiscal year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 2,247 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $27.97, for a total transaction of $62,848.59. Following the completion of the sale, the chief financial officer now owns 120,982 shares of the company's stock, valued at approximately $3,383,866.54. This represents a 1.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now owns 313,510 shares in the company, valued at $8,953,845.60. The trade was a 10.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 374,335 shares of company stock worth $10,258,479 over the last 90 days. 6.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RingCentral

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rafferty Asset Management LLC boosted its holdings in RingCentral by 1.7% in the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock valued at $689,000 after purchasing an additional 325 shares during the last quarter. Gagnon Securities LLC boosted its holdings in RingCentral by 5.6% in the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock valued at $270,000 after purchasing an additional 407 shares during the last quarter. Xponance Inc. raised its stake in shares of RingCentral by 4.2% in the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock valued at $373,000 after acquiring an additional 426 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of RingCentral by 10.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after acquiring an additional 468 shares during the period. Finally, Private Advisor Group LLC raised its stake in shares of RingCentral by 6.2% in the 1st quarter. Private Advisor Group LLC now owns 9,448 shares of the software maker's stock valued at $234,000 after acquiring an additional 552 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.