RingCentral (NYSE:RNG) Shares Gap Up on Analyst Upgrade

Shares of RingCentral, Inc. (NYSE:RNG) gapped up before the market opened on Wednesday after StockNews.com upgraded the stock from a buy rating to a strong-buy rating. The stock had previously closed at $29.99, but opened at $33.34. RingCentral shares last traded at $34.52, with a volume of 1,047,783 shares trading hands.

A number of other brokerages have also commented on RNG. Rosenblatt Securities reissued a “neutral” rating and set a $35.00 price target on shares of RingCentral in a report on Wednesday, May 1st. Wedbush restated a “neutral” rating and issued a $40.00 target price on shares of RingCentral in a report on Thursday. UBS Group upped their target price on RingCentral from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price target on RingCentral from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, KeyCorp reduced their price objective on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.58.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value of $196,367.20. Following the completion of the sale, the chief financial officer now owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the transaction, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 6,224 shares of the firm’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 transaction, the chief financial officer now owns 130,753 shares in the company, valued at $4,125,257.15. The disclosure for this sale can be found here. Insiders have sold a total of 23,608 shares of company stock worth $800,974 in the last 90 days. 6.76% of the stock is owned by insiders.

Hedge Funds Weigh In On RingCentral

A number of institutional investors have recently made changes to their positions in RNG. SG Americas Securities LLC lifted its stake in shares of RingCentral by 9.3% in the third quarter. SG Americas Securities LLC now owns 14,324 shares of the software maker’s stock valued at $424,000 after buying an additional 1,213 shares during the period. Commonwealth Equity Services LLC increased its position in shares of RingCentral by 14.6% during the third quarter. Commonwealth Equity Services LLC now owns 15,426 shares of the software maker’s stock valued at $457,000 after purchasing an additional 1,964 shares during the period. Bank of New York Mellon Corp raised its stake in shares of RingCentral by 9.2% in the third quarter. Bank of New York Mellon Corp now owns 678,036 shares of the software maker’s stock valued at $20,090,000 after purchasing an additional 57,358 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in RingCentral by 15.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,628 shares of the software maker’s stock worth $433,000 after purchasing an additional 1,972 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in RingCentral by 303.2% during the third quarter. Mackenzie Financial Corp now owns 56,623 shares of the software maker’s stock worth $1,625,000 after buying an additional 42,581 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

RingCentral Stock Performance

The firm has a 50 day moving average price of $32.87 and a two-hundred day moving average price of $31.94. The company has a market capitalization of $3.27 billion, a P/E ratio of -20.26, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS 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, equities analysts expect that RingCentral, Inc. will post 0.45 earnings per share for the current year.

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.