Ringcentral (NYSE:RNG) Upgraded by Wall Street Zen to Strong-Buy Rating

Ringcentral (NYSE:RNG - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday.

RNG has been the topic of several other research reports. UBS Group reduced their target price on shares of Ringcentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $32.00 target price on shares of Ringcentral in a research note on Monday, May 19th. Morgan Stanley reduced their target price on shares of Ringcentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. 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. Finally, Raymond James Financial reduced their price objective on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Ringcentral currently has an average rating of "Hold" and a consensus target price of $33.08.

Ringcentral Stock Performance

Shares of RNG stock opened at $29.93 on Friday. Ringcentral has a 52-week low of $20.59 and a 52-week high of $42.19. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of -68.01, a P/E/G ratio of 0.96 and a beta of 1.29. The firm has a fifty day moving average of $27.00 and a 200-day moving average of $29.07.

Ringcentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.04. The business had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The firm's revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the company posted $0.87 EPS. On average, sell-side analysts predict that Ringcentral will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Kira Makagon sold 21,185 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $27.69, for a total value of $586,612.65. Following the completion of the transaction, the chief operating officer owned 413,131 shares in the company, valued at $11,439,597.39. This trade represents a 4.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,969 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.88, for a total transaction of $402,366.72. Following the transaction, the chief financial officer owned 153,900 shares of the company's stock, valued at approximately $4,136,832. The trade was a 8.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 244,647 shares of company stock worth $6,531,804 over the last quarter. 6.97% of the stock is currently owned by corporate insiders.

Institutional Trading of Ringcentral

Several hedge funds have recently bought and sold shares of RNG. Contour Asset Management LLC acquired a new stake in Ringcentral in the 1st quarter valued at $45,650,000. Arrowstreet Capital Limited Partnership grew its position in Ringcentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock valued at $50,598,000 after purchasing an additional 1,164,241 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Ringcentral by 354.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker's stock valued at $21,558,000 after purchasing an additional 679,211 shares during the period. Capital World Investors grew its position in Ringcentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock valued at $373,327,000 after purchasing an additional 591,398 shares during the period. Finally, First Trust Advisors LP grew its position in Ringcentral by 35.6% in the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock valued at $70,345,000 after purchasing an additional 527,901 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.

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