Rosenblatt Securities Reaffirms Neutral Rating for RingCentral (NYSE:RNG)

Rosenblatt Securities reiterated their neutral rating on shares of RingCentral (NYSE:RNG) in a report issued on Wednesday, Benzinga reports. The firm currently has a $35.00 price target on the software maker’s stock.

Several other equities analysts have also recently commented on RNG. Piper Sandler reduced their price objective on shares of RingCentral from $34.00 to $31.00 and set a neutral rating for the company in a research note on Wednesday, February 21st. Wedbush restated a neutral rating and set a $40.00 price target on shares of RingCentral in a research report on Friday, February 16th. Mizuho lowered their price objective on RingCentral from $40.00 to $36.00 and set a buy rating on the stock in a research report on Wednesday, February 21st. KeyCorp reduced their target price on RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a research report on Wednesday, February 21st. Finally, Morgan Stanley decreased their target price on RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $38.56.

RingCentral Trading Up 0.1 %

RingCentral stock opened at $30.48 on Wednesday. The firm has a 50 day simple moving average of $32.88 and a 200 day simple moving average of $31.84. RingCentral has a 1-year low of $25.08 and a 1-year high of $43.28. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of -17.42, a P/E/G ratio of 3.19 and a beta of 0.94.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. On average, equities research analysts forecast that RingCentral will post 0.45 EPS for the current year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 1,984 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $34.55, for a total transaction of $68,547.20. Following the transaction, the chief financial officer now directly owns 114,656 shares in the company, valued at approximately $3,961,364.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CFO Vaibhav Agarwal sold 1,984 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the completion of the sale, the chief financial officer now directly owns 114,656 shares in the company, valued at approximately $3,961,364.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,608 shares of company stock valued at $800,974. Insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Readystate Asset Management LP increased its stake in shares of RingCentral by 68.9% during the fourth quarter. Readystate Asset Management LP now owns 228,810 shares of the software maker’s stock valued at $7,768,000 after buying an additional 93,361 shares during the period. Ameriprise Financial Inc. raised its holdings in RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after purchasing an additional 2,275,245 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of RingCentral by 4.9% in the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock worth $295,971,000 after purchasing an additional 469,280 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in shares of RingCentral during the 3rd quarter valued at about $92,000. Finally, Rafferty Asset Management LLC increased its position in shares of RingCentral by 6.9% during the third quarter. Rafferty Asset Management LLC now owns 24,040 shares of the software maker’s stock valued at $712,000 after buying an additional 1,562 shares during the period. 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.