RingCentral (NYSE:RNG) Earns “Neutral” Rating from Rosenblatt Securities

RingCentral (NYSE:RNG)‘s stock had its “neutral” rating reissued by investment analysts at Rosenblatt Securities in a report issued on Wednesday, Benzinga reports. They currently have a $35.00 price objective on the software maker’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 18.16% from the company’s current price.

A number of other research firms have also weighed in on RNG. Morgan Stanley dropped their price target on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Wedbush reissued a “neutral” rating and set a $40.00 price target on shares of RingCentral in a research report on Friday, February 16th. Wells Fargo & Company dropped their price target on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 21st. Piper Sandler dropped their price target on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 21st. Finally, Mizuho dropped their price target on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.56.

RingCentral Trading Down 4.9 %

RingCentral stock opened at $29.62 on Wednesday. RingCentral has a 1-year low of $25.08 and a 1-year high of $43.28. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -16.93, a price-to-earnings-growth ratio of 3.31 and a beta of 0.92. The firm’s fifty day moving average price is $32.93 and its two-hundred day moving average price is $31.86.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to analysts’ expectations of $569.65 million. On average, research analysts forecast that RingCentral will post 0.45 EPS for the current year.

Insider Activity at RingCentral

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

Institutional Trading of RingCentral

Hedge funds and other institutional investors have recently modified their holdings of the business. Readystate Asset Management LP grew its position in shares of RingCentral by 68.9% in the 4th quarter. Readystate Asset Management LP now owns 228,810 shares of the software maker’s stock worth $7,768,000 after buying an additional 93,361 shares during the period. Ameriprise Financial Inc. grew its position in shares of RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after buying an additional 2,275,245 shares during the period. Vanguard Group Inc. boosted its stake in RingCentral by 4.9% in the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock worth $295,971,000 after purchasing an additional 469,280 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in RingCentral in the 3rd quarter worth about $92,000. Finally, Rafferty Asset Management LLC boosted its stake in RingCentral by 6.9% in the 3rd quarter. Rafferty Asset Management LLC now owns 24,040 shares of the software maker’s stock worth $712,000 after purchasing an additional 1,562 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other 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.