RingCentral (NYSE:RNG) Shares Gap Up to $31.03

RingCentral, Inc. (NYSE:RNG – Get Rating) shares gapped up prior to trading on Friday . The stock had previously closed at $31.03, but opened at $32.01. RingCentral shares last traded at $31.05, with a volume of 342,605 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. MKM Partners lowered RingCentral from a “buy” rating to a “neutral” rating and set a $40.00 target price on the stock. in a research note on Monday, January 23rd. UBS Group boosted their target price on RingCentral from $30.00 to $32.00 in a research note on Wednesday, May 10th. Oppenheimer reiterated a “market perform” rating on shares of RingCentral in a research note on Friday, March 17th. KeyCorp boosted their price objective on RingCentral from $40.00 to $45.00 in a research note on Wednesday, May 10th. Finally, Credit Suisse Group upgraded RingCentral from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $40.00 to $45.00 in a research note on Thursday, May 11th. Ten research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, RingCentral presently has an average rating of “Moderate Buy” and a consensus target price of $47.39.

RingCentral Stock Performance

The firm has a market capitalization of $2.96 billion, a PE ratio of -3.78, a P/E/G ratio of 47.12 and a beta of 0.94. The stock has a fifty day moving average price of $28.77 and a 200-day moving average price of $34.00.

RingCentral (NYSE:RNG – Get Rating) last posted its earnings results on Wednesday, February 15th. The software maker reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.13). The company had revenue of $524.75 million during the quarter, compared to analysts’ expectations of $528.41 million. RingCentral had a negative net margin of 38.09% and a negative return on equity of 765.97%. Research analysts expect that RingCentral, Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In other news, CFO Sonalee Elizabeth Parekh sold 4,250 shares of the firm’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $27.24, for a total value of $115,770.00. Following the completion of the sale, the chief financial officer now owns 129,005 shares of the company’s stock, valued at approximately $3,514,096.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.49% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Several hedge funds have recently modified their holdings of RNG. Vanguard Group Inc. lifted its stake in shares of RingCentral by 4.9% during the third quarter. Vanguard Group Inc. now owns 8,927,410 shares of the software maker’s stock worth $356,739,000 after buying an additional 420,567 shares during the period. Pictet Asset Management SA lifted its stake in shares of RingCentral by 25.7% during the first quarter. Pictet Asset Management SA now owns 4,602,025 shares of the software maker’s stock worth $141,144,000 after buying an additional 940,926 shares during the period. No Street GP LP lifted its stake in shares of RingCentral by 26.3% during the first quarter. No Street GP LP now owns 2,375,000 shares of the software maker’s stock worth $72,841,000 after buying an additional 495,000 shares during the period. Alyeska Investment Group L.P. lifted its stake in shares of RingCentral by 12.6% during the first quarter. Alyeska Investment Group L.P. now owns 1,931,128 shares of the software maker’s stock worth $59,228,000 after buying an additional 216,585 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of RingCentral by 10.0% during the first quarter. First Trust Advisors LP now owns 1,665,813 shares of the software maker’s stock worth $51,090,000 after buying an additional 150,943 shares during the period. Institutional investors and hedge funds own 88.09% of the company’s stock.

RingCentral Company Profile

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RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.