RingCentral (NYSE:RNG) Given Outperform Rating at Raymond James

RingCentral (NYSE:RNG)‘s stock had its “outperform” rating restated by analysts at Raymond James in a research note issued to investors on Friday, Marketbeat Ratings reports. They currently have a $45.00 price objective on the software maker’s stock, down from their previous price objective of $50.00. Raymond James’ target price points to a potential upside of 29.20% from the stock’s previous close.

Several other research analysts have also recently issued reports on RNG. Morgan Stanley lifted their target price on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Mizuho reissued a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a report on Friday, December 13th. Wedbush upped their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, RingCentral currently has a consensus rating of “Moderate Buy” and an average target price of $41.64.

RingCentral Stock Down 0.5 %

Shares of RNG opened at $34.83 on Friday. The stock has a market cap of $3.15 billion, a P/E ratio of -32.86, a P/E/G ratio of 2.48 and a beta of 0.99. The business’s 50 day moving average price is $37.29 and its 200-day moving average price is $33.37. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. On average, equities analysts anticipate that RingCentral will post 0.84 EPS for the current year.

Insiders Place Their Bets

In other RingCentral news, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now owns 479,468 shares of the company’s stock, valued at $16,762,201.28. The trade was a 12.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ned D. Segal sold 2,914 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,188 shares of company stock worth $4,113,047. Company insiders own 6.97% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of institutional investors have recently bought and sold shares of RNG. Point72 DIFC Ltd bought a new position in shares of RingCentral in the second quarter worth about $39,000. Venturi Wealth Management LLC boosted its stake in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares during the period. Quarry LP grew its holdings in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares in the last quarter. KBC Group NV raised its position in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in shares of RingCentral during the third quarter valued at approximately $121,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

About RingCentral

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.