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

RingCentral (NYSE:RNG)‘s stock had its “buy” rating reaffirmed by investment analysts at Rosenblatt Securities in a report issued on Monday,Benzinga reports. They presently have a $32.00 price target on the software maker’s stock. Rosenblatt Securities’ target price points to a potential upside of 13.88% from the company’s current price.

RNG has been the topic of a number of other reports. Piper Sandler increased their price objective on shares of RingCentral from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Barclays lowered their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Wedbush lowered their price objective on shares of RingCentral from $38.00 to $30.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Morgan Stanley reduced their target price on shares of RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Finally, UBS Group reduced their target price on shares of RingCentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $33.08.

RingCentral Stock Up 0.3%

NYSE:RNG opened at $28.10 on Monday. The stock has a market cap of $2.55 billion, a PE ratio of -43.91, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. RingCentral has a fifty-two week low of $20.59 and a fifty-two week high of $42.19. The firm’s fifty day simple moving average is $25.33 and its 200-day simple moving average is $31.60.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.04. The firm had revenue of $612.06 million for the quarter, compared to analysts’ expectations of $610.53 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.87 EPS. Equities analysts anticipate that RingCentral will post 1.29 earnings per share for the current year.

Insider Transactions at RingCentral

In other news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. This represents a 10.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Vaibhav Agarwal sold 2,247 shares of RingCentral stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $27.97, for a total transaction of $62,848.59. Following the transaction, the chief financial officer now directly owns 120,982 shares in the company, valued at approximately $3,383,866.54. This trade represents a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 249,987 shares of company stock worth $7,162,128 in the last three months. Company insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RNG. Contour Asset Management LLC acquired a new position in RingCentral during the first quarter valued at approximately $45,650,000. Arrowstreet Capital Limited Partnership lifted its position in RingCentral by 414.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after buying an additional 1,164,241 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in RingCentral by 354.8% during the first quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker’s stock valued at $21,558,000 after buying an additional 679,211 shares in the last quarter. Valley Wealth Managers Inc. acquired a new position in RingCentral during the fourth quarter valued at approximately $20,792,000. Finally, Capital World Investors lifted its position in RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after buying an additional 591,398 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

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.