StockNews.com Upgrades RingCentral (NYSE:RNG) to Strong-Buy

by · The Cerbat Gem

StockNews.com upgraded shares of RingCentral (NYSE:RNG – Free Report) from a buy rating to a strong-buy rating in a research note published on Friday.

A number of other research firms have also commented on RNG. Piper Sandler reduced their price target on shares of RingCentral from $32.00 to $31.00 and set a neutral rating for the company in a research report on Wednesday, July 10th. Robert W. Baird raised their price target on RingCentral from $35.00 to $36.00 and gave the company a neutral rating in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft boosted their price objective on RingCentral from $42.00 to $45.00 and gave the stock a buy rating in a report on Tuesday, August 6th. Wells Fargo & Company upped their price objective on shares of RingCentral from $28.00 to $35.00 and gave the stock an equal weight rating in a research report on Friday, August 2nd. Finally, Rosenblatt Securities upgraded shares of RingCentral from a neutral rating to a buy rating and lifted their target price for the company from $35.00 to $45.00 in a research report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral currently has a consensus rating of Moderate Buy and a consensus price target of $40.07.

Read Our Latest Stock Report on RNG

RingCentral Trading Down 0.1 %

Shares of RNG stock opened at $32.70 on Friday. The firm’s 50 day moving average is $31.49 and its 200 day moving average is $31.82. The stock has a market capitalization of $3.00 billion, a P/E ratio of -23.03, a PEG ratio of 2.44 and a beta of 1.03. RingCentral has a 12 month low of $25.08 and a 12 month high of $38.35.

RingCentral (NYSE:RNG – Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. During the same period in the previous year, the business earned ($0.03) earnings per share. RingCentral’s revenue was up 9.9% on a year-over-year basis. On average, equities analysts predict that RingCentral will post 0.63 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the transaction, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO John H. Marlow sold 19,498 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the sale, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,824 shares of company stock worth $3,386,396. 6.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RingCentral

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Natixis purchased a new stake in shares of RingCentral in the 1st quarter worth approximately $837,000. Vanguard Group Inc. increased its holdings in shares of RingCentral by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock valued at $352,103,000 after acquiring an additional 382,343 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position in shares of RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after purchasing an additional 977 shares during the last quarter. Victory Capital Management Inc. boosted its stake in RingCentral by 35.0% in the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock worth $3,280,000 after purchasing an additional 30,138 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in RingCentral by 163.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after purchasing an additional 192,766 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

(Get Free Report)

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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