RingCentral (NYSE:RNG) Downgraded by ValuEngine

ValuEngine cut shares of RingCentral (NYSE:RNG) from a buy rating to a hold rating in a research note released on Wednesday, ValuEngine reports.

Several other research analysts also recently issued reports on the stock. Raymond James upped their price target on shares of RingCentral from $140.00 to $175.00 and gave the stock a strong-buy rating in a research report on Tuesday, July 30th. Oppenheimer upped their price target on shares of RingCentral from $130.00 to $155.00 and gave the stock an outperform rating in a research report on Tuesday, July 30th. Morgan Stanley upped their price target on shares of RingCentral from $129.00 to $136.00 and gave the stock an equal weight rating in a research report on Thursday, September 19th. Craig Hallum upped their price target on shares of RingCentral from $140.00 to $150.00 and gave the stock a buy rating in a research report on Tuesday, July 30th. Finally, Zacks Investment Research downgraded shares of RingCentral from a strong-buy rating to a hold rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. RingCentral currently has a consensus rating of Buy and a consensus target price of $142.75.

NYSE RNG traded up $35.76 on Wednesday, hitting $163.30. 9,203,076 shares of the company were exchanged, compared to its average volume of 832,123. The firm has a 50 day moving average of $134.50 and a two-hundred day moving average of $122.41. The company has a market cap of $13.55 billion, a P/E ratio of -4,082.50 and a beta of 0.83. The company has a current ratio of 2.99, a quick ratio of 2.99 and a debt-to-equity ratio of 1.13. RingCentral has a 1-year low of $64.41 and a 1-year high of $169.58.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, July 29th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.13. The business had revenue of $215.20 million for the quarter, compared to the consensus estimate of $204.70 million. RingCentral had a negative net margin of 3.95% and a negative return on equity of 1.13%. The firm’s quarterly revenue was up 33.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.19 EPS. Research analysts anticipate that RingCentral will post -0.13 EPS for the current fiscal year.

In other news, CFO Mitesh Dhruv sold 2,132 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $123.90, for a total value of $264,154.80. Following the completion of the sale, the chief financial officer now directly owns 158,889 shares of the company’s stock, valued at approximately $19,686,347.10. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO John H. Marlow sold 27,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $143.06, for a total value of $3,862,620.00. Following the completion of the sale, the chief accounting officer now directly owns 175,408 shares of the company’s stock, valued at $25,093,868.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 406,417 shares of company stock worth $54,799,686. Corporate insiders own 11.03% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Sheets Smith Wealth Management increased its stake in shares of RingCentral by 4.0% in the 1st quarter. Sheets Smith Wealth Management now owns 4,305 shares of the software maker’s stock valued at $464,000 after acquiring an additional 166 shares during the last quarter. Baldwin Brothers Inc. MA increased its stake in shares of RingCentral by 90.0% in the 2nd quarter. Baldwin Brothers Inc. MA now owns 380 shares of the software maker’s stock valued at $44,000 after acquiring an additional 180 shares during the last quarter. AJ Wealth Strategies LLC increased its stake in RingCentral by 6.8% during the 2nd quarter. AJ Wealth Strategies LLC now owns 3,238 shares of the software maker’s stock worth $372,000 after purchasing an additional 206 shares in the last quarter. Glen Harbor Capital Management LLC increased its stake in RingCentral by 140.0% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 384 shares of the software maker’s stock worth $44,000 after purchasing an additional 224 shares in the last quarter. Finally, M&T Bank Corp increased its stake in RingCentral by 8.1% during the 2nd quarter. M&T Bank Corp now owns 3,383 shares of the software maker’s stock worth $388,000 after purchasing an additional 254 shares in the last quarter. 82.22% of the stock is owned by institutional investors.

RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

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Analyst Recommendations for RingCentral (NYSE:RNG)

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