RingCentral (NYSE:RNG) Rating Lowered to “Buy” at StockNews.com

RingCentral (NYSE:RNG) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday.

Other research analysts have also recently issued research reports about the company. Morgan Stanley lifted their target price on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Rosenblatt Securities decreased their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. Needham & Company LLC cut their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Wells Fargo & Company reiterated an “underweight” rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, UBS Group cut their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $37.69.

RingCentral Trading Up 2.0 %

RingCentral stock opened at $25.87 on Tuesday. The stock has a fifty day moving average price of $30.30 and a 200 day moving average price of $33.36. RingCentral has a 52 week low of $23.89 and a 52 week high of $42.19. The firm has a market capitalization of $2.35 billion, a P/E ratio of -40.42, a PEG ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. As a group, equities analysts predict that RingCentral will post 1.29 EPS for the current year.

Insider Buying and Selling at RingCentral

In other news, SVP John H. Marlow sold 35,089 shares of the 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 transaction, the senior vice president now owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 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 value of $3,528,873.60. Following the completion of the sale, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 247,740 shares of company stock valued at $7,099,279 in the last three months. Corporate insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Several institutional investors have recently added to or reduced their stakes in the business. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of RingCentral in the 4th quarter valued at about $49,000. Quarry LP boosted its stake in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after acquiring an additional 982 shares during the period. Venturi Wealth Management LLC raised its position in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after purchasing an additional 1,028 shares during the period. KBC Group NV lifted its holdings in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after purchasing an additional 819 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in RingCentral during the 4th quarter valued at approximately $173,000. 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.