Ringcentral (NYSE:RNG) Receives Buy Rating from Rosenblatt Securities

Ringcentral (NYSE:RNG)‘s stock had its “buy” rating restated by equities research analysts at Rosenblatt Securities in a research report issued on Tuesday,Benzinga reports. They presently have a $32.00 target price on the software maker’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 7.14% from the company’s current price.

A number of other brokerages have also recently commented on RNG. Weiss Ratings reissued a “sell (d-)” rating on shares of Ringcentral in a research note on Wednesday, October 8th. Morgan Stanley set a $29.00 price target on Ringcentral in a research report on Tuesday, October 21st. Jefferies Financial Group dropped their price target on Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, August 6th. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 target price on shares of Ringcentral in a report on Tuesday. Finally, Wells Fargo & Company began coverage on Ringcentral in a research report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 target price on the stock. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $31.38.

Ringcentral Stock Down 0.8%

Shares of Ringcentral stock opened at $29.87 on Tuesday. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of -213.32, a PEG ratio of 1.33 and a beta of 1.32. The business has a 50-day moving average price of $29.64 and a 200-day moving average price of $28.01. Ringcentral has a twelve month low of $20.58 and a twelve month high of $42.19.

Ringcentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.04. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The business had revenue of $620.40 million during the quarter, compared to analysts’ expectations of $617.90 million. During the same quarter last year, the business posted $0.91 EPS. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. On average, equities analysts expect that Ringcentral will post 1.29 EPS for the current fiscal year.

Insider Activity at Ringcentral

In related news, CAO Tarun Arora sold 1,037 shares of the business’s stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $31.09, for a total transaction of $32,240.33. Following the completion of the transaction, the chief accounting officer owned 110,626 shares in the company, valued at $3,439,362.34. The trade was a 0.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 46,932 shares of the business’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $28.95, for a total transaction of $1,358,681.40. Following the sale, the chief executive officer directly owned 462,429 shares of the company’s stock, valued at $13,387,319.55. This represents a 9.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 77,430 shares of company stock worth $2,291,052 in the last quarter. 6.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ringcentral

Several hedge funds have recently modified their holdings of RNG. Global Retirement Partners LLC lifted its position in shares of Ringcentral by 98.5% in the 3rd quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock worth $26,000 after purchasing an additional 447 shares during the period. Parallel Advisors LLC lifted its stake in shares of Ringcentral by 256.9% during the 2nd quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock worth $42,000 after purchasing an additional 1,066 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Ringcentral during the 1st quarter worth $49,000. Ameritas Advisory Services LLC purchased a new stake in shares of Ringcentral during the 2nd quarter worth $49,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Ringcentral by 103.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,823 shares of the software maker’s stock worth $52,000 after purchasing an additional 925 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

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.