RingCentral (NYSE:RNG) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of RingCentral (NYSE:RNG – Get Rating) in a report released on Thursday morning. The brokerage issued a hold rating on the software maker’s stock.

Other research analysts also recently issued research reports about the stock. Piper Sandler increased their price target on shares of RingCentral from $39.00 to $45.00 and gave the company a neutral rating in a report on Thursday, February 16th. Barclays increased their price target on shares of RingCentral from $40.00 to $55.00 in a report on Friday, February 17th. Morgan Stanley raised shares of RingCentral from an equal weight rating to an overweight rating and lowered their price target for the company from $55.00 to $50.00 in a report on Wednesday, December 14th. Wolfe Research downgraded shares of RingCentral from an outperform rating to a peer perform rating in a research note on Wednesday, December 21st. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of RingCentral from $50.00 to $44.00 in a research note on Friday, February 17th. Ten research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $60.82.

RingCentral Stock Down 5.9 %

RNG opened at $30.07 on Thursday. The firm has a 50-day simple moving average of $37.36 and a two-hundred day simple moving average of $37.41. RingCentral has a 52 week low of $28.00 and a 52 week high of $129.72. The company has a market capitalization of $2.87 billion, a PE ratio of -3.26 and a beta of 0.95.

RingCentral (NYSE:RNG – Get Rating) last released its quarterly earnings data on Wednesday, February 15th. The software maker reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.13). RingCentral had a negative net margin of 44.22% and a negative return on equity of 765.97%. The company had revenue of $524.75 million for the quarter, compared to the consensus estimate of $528.41 million. As a group, sell-side analysts expect that RingCentral will post -0.1 earnings per share for the current year.

Insider Activity

In other RingCentral news, CAO John H. Marlow sold 835 shares of the company’s stock in a transaction on Tuesday, January 10th. The shares were sold at an average price of $34.96, for a total value of $29,191.60. Following the sale, the chief accounting officer now directly owns 193,661 shares of the company’s stock, valued at $6,770,388.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 4,944 shares of the company’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $36.90, for a total value of $182,433.60. Following the completion of the transaction, the chief financial officer now owns 129,005 shares in the company, valued at $4,760,284.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO John H. Marlow sold 835 shares of the company’s stock in a transaction dated Tuesday, January 10th. The stock was sold at an average price of $34.96, for a total transaction of $29,191.60. Following the completion of the transaction, the chief accounting officer now owns 193,661 shares of the company’s stock, valued at approximately $6,770,388.56. The disclosure for this sale can be found here. Insiders have sold 13,140 shares of company stock valued at $487,445 over the last ninety days. 6.49% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RNG. C M Bidwell & Associates Ltd. acquired a new position in shares of RingCentral in the third quarter worth about $30,000. Ronald Blue Trust Inc. acquired a new position in shares of RingCentral during the 2nd quarter worth about $41,000. Allworth Financial LP raised its position in shares of RingCentral by 333.2% during the 3rd quarter. Allworth Financial LP now owns 1,096 shares of the software maker’s stock worth $44,000 after purchasing an additional 843 shares during the last quarter. Wipfli Financial Advisors LLC acquired a new position in shares of RingCentral during the 3rd quarter worth about $45,000. Finally, Harvest Fund Management Co. Ltd raised its position in shares of RingCentral by 17,125.0% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 1,378 shares of the software maker’s stock worth $49,000 after purchasing an additional 1,370 shares during the last quarter. Institutional investors and hedge funds own 88.09% of the company’s stock.

RingCentral Company Profile

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RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.