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

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

A number of other research firms also recently commented on RNG. Rosenblatt Securities restated a "buy" rating and set a $32.00 price objective on shares of Ringcentral in a report on Monday, May 19th. Wedbush reduced their price target on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. KeyCorp started coverage on shares of Ringcentral in a research note on Friday, June 6th. They set a "sector weight" rating for the company. UBS Group cut 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. Finally, Piper Sandler lifted their target price on shares of Ringcentral from $25.00 to $28.00 and gave the company a "neutral" rating in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $33.08.

Ringcentral Stock Performance

Ringcentral stock traded up $0.10 during trading on Friday, hitting $29.68. The company's stock had a trading volume of 1,308,537 shares, compared to its average volume of 1,327,076. The stock's fifty day moving average is $27.18 and its 200 day moving average is $28.90. Ringcentral has a 1-year low of $20.59 and a 1-year high of $42.19. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of -67.45, a P/E/G ratio of 0.95 and a beta of 1.29.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.04. The company had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The company's quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.87 EPS. On average, research analysts anticipate that Ringcentral will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP John H. Marlow sold 29,173 shares of Ringcentral stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $774,834.88. Following the sale, the senior vice president directly owned 352,448 shares of the company's stock, valued at approximately $9,361,018.88. The trade was a 7.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Tarun Arora sold 7,776 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $28.00, for a total value of $217,728.00. Following the sale, the chief accounting officer owned 114,497 shares of the company's stock, valued at approximately $3,205,916. This trade represents a 6.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 244,647 shares of company stock worth $6,531,804 over the last quarter. Company insiders own 6.97% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RNG. Cambridge Investment Research Advisors Inc. raised its stake in shares of Ringcentral by 116.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 44,524 shares of the software maker's stock valued at $1,102,000 after purchasing an additional 23,997 shares in the last quarter. Northern Trust Corp raised its stake in Ringcentral by 2.3% during the fourth quarter. Northern Trust Corp now owns 529,746 shares of the software maker's stock valued at $18,546,000 after buying an additional 11,911 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Ringcentral during the 4th quarter worth approximately $545,000. Robeco Institutional Asset Management B.V. grew its position in shares of Ringcentral by 57.2% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 9,924 shares of the software maker's stock worth $246,000 after acquiring an additional 3,611 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Ringcentral by 18.8% in the 4th quarter. Deutsche Bank AG now owns 75,154 shares of the software maker's stock valued at $2,631,000 after acquiring an additional 11,902 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

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.