RingCentral (NYSE:RNG) Reaches New 12-Month High After Earnings Beat

RingCentral, Inc. (NYSE:RNG) reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $38.60 and last traded at $38.46, with a volume of 93133 shares traded. The stock had previously closed at $37.50.

The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million.

Analyst Ratings Changes

A number of brokerages recently weighed in on RNG. Wedbush lifted their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday. Wells Fargo & Company lifted their target price on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Raymond James cut their target price on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday. Needham & Company LLC restated a “buy” rating and set a $42.00 price target on shares of RingCentral in a research note on Monday, August 5th. Finally, StockNews.com lowered shares of RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 19th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $40.60.

Insider Activity at RingCentral

In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the transaction, the chief financial officer now owns 358,622 shares in the company, valued at approximately $11,995,905.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now directly owns 358,622 shares in the company, valued at $11,995,905.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 10,184 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92. Following the completion of the sale, the chief financial officer now directly owns 137,545 shares in the company, valued at approximately $4,522,479.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,824 shares of company stock valued at $3,386,396. Insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Several institutional investors and hedge funds have recently bought and sold shares of RNG. Sei Investments Co. grew its holdings in RingCentral by 2.3% in the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after purchasing an additional 539 shares during the period. Sovereign Financial Group Inc. increased its position in RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after buying an additional 625 shares in the last quarter. Versant Capital Management Inc raised its stake in RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after buying an additional 664 shares during the last quarter. Xponance Inc. increased its holdings in shares of RingCentral by 6.8% during the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after acquiring an additional 704 shares in the last quarter. Finally, KBC Group NV raised its position in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Trading Down 2.3 %

The stock’s 50 day moving average is $32.13 and its 200-day moving average is $32.24. The company has a market cap of $3.48 billion, a P/E ratio of -35.77, a PEG ratio of 2.92 and a beta of 0.99.

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.