RingCentral (NYSE:RNG) Upgraded to “Strong-Buy” at StockNews.com

RingCentral (NYSE:RNG) was upgraded by equities research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Thursday.

Several other research analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft upped their price objective on RingCentral from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday. Robert W. Baird upped their price target on RingCentral from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday. Piper Sandler raised their price target on shares of RingCentral from $31.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday. Mizuho lifted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Finally, KeyCorp reduced their target price on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, February 21st. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.58.

RingCentral Stock Performance

NYSE RNG traded up $1.07 during trading hours on Thursday, reaching $35.46. 1,331,706 shares of the company’s stock were exchanged, compared to its average volume of 1,144,865. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of -20.26, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. The company’s 50-day moving average is $32.87 and its two-hundred day moving average is $31.94. RingCentral has a one year low of $25.08 and a one year high of $43.28.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. Research analysts predict that RingCentral will post 0.45 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the sale, the chief financial officer now owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 6,224 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now directly owns 130,753 shares in the company, valued at $4,125,257.15. The disclosure for this sale can be found here. Insiders have sold 23,608 shares of company stock valued at $800,974 over the last ninety days. 6.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RNG. GAMMA Investing LLC acquired a new stake in RingCentral during the fourth quarter worth approximately $26,000. Hexagon Capital Partners LLC grew its holdings in shares of RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after purchasing an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new position in shares of RingCentral in the fourth quarter worth $33,000. Nisa Investment Advisors LLC raised its stake in RingCentral by 100.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after purchasing an additional 500 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. grew its stake in RingCentral by 438.1% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after buying an additional 977 shares in the last quarter. 98.61% of the stock is 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.