StockNews.com Upgrades RingCentral (NYSE:RNG) to “Strong-Buy”

StockNews.com upgraded shares of RingCentral (NYSE:RNG) from a buy rating to a strong-buy rating in a research report released on Monday morning.

Other equities research analysts have also issued research reports about the stock. Needham & Company LLC restated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research note on Monday. Rosenblatt Securities restated a “buy” rating and set a $45.00 target price on shares of RingCentral in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft boosted their price objective on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Piper Sandler lifted their price target on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Northland Securities increased their target price on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and a consensus price target of $40.73.

RingCentral Price Performance

Shares of RNG stock opened at $36.74 on Monday. The company’s fifty day simple moving average is $32.59 and its 200-day simple moving average is $32.42. RingCentral has a 52 week low of $26.98 and a 52 week high of $40.98.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate 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. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, research analysts forecast that RingCentral will post 0.84 earnings per share for the current year.

Insider Buying and Selling

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was 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 owns 358,622 shares of the company’s stock, valued at $11,995,905.90. This trade represents a 2.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 1.44 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,824 shares of company stock worth $3,386,396. Insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of institutional investors have recently made changes to their positions in the company. Kestra Investment Management LLC acquired a new stake in RingCentral during the 3rd quarter worth approximately $227,000. 272 Capital LP acquired a new stake in RingCentral in the 3rd quarter worth about $436,000. Vinva Investment Management Ltd raised its position in shares of RingCentral by 49.6% in the third quarter. Vinva Investment Management Ltd now owns 20,487 shares of the software maker’s stock valued at $648,000 after buying an additional 6,791 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of RingCentral by 57.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,682 shares of the software maker’s stock valued at $717,000 after acquiring an additional 8,318 shares during the period. Finally, D.A. Davidson & CO. raised its stake in RingCentral by 12.0% in the third quarter. D.A. Davidson & CO. now owns 10,599 shares of the software maker’s stock valued at $335,000 after purchasing an additional 1,134 shares in the last quarter. 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.