By otakuyassine3@gmail.com 
StockNews.com cut shares of RingCentral (NYSE:RNG – Free Report) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday morning.
RNG has been the subject of several other reports. Rosenblatt Securities reduced their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. Barclays reduced their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. UBS Group lowered their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday, February 21st. Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Finally, Robert W. Baird lowered their price objective on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.69.
View Our Latest Stock Analysis on RNG
RingCentral Stock Up 2.6 %
Shares of RingCentral stock opened at $25.40 on Tuesday. RingCentral has a 52 week low of $23.89 and a 52 week high of $42.19. The firm’s 50 day moving average is $30.46 and its two-hundred day moving average is $33.41. The firm has a market capitalization of $2.30 billion, a P/E ratio of -39.68, a P/E/G ratio of 1.27 and a beta of 1.20.
RingCentral (NYSE:RNG – Get Free Report) last posted its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $612.37 million. As a group, research analysts expect that RingCentral will post 1.29 earnings per share for the current fiscal year.
Insider Activity at RingCentral
In other news, CEO Vladimir Shmunis sold 123,560 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the sale, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. The trade was a 10.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is owned by company insiders.
Institutional Investors Weigh In On RingCentral
Several large investors have recently made changes to their positions in RNG. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of RingCentral in the fourth quarter worth about $49,000. Quarry LP lifted its position in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares in the last quarter. Venturi Wealth Management LLC lifted its position in RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after acquiring an additional 1,028 shares in the last quarter. KBC Group NV boosted its holdings in RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after acquiring an additional 819 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new stake in RingCentral in the fourth quarter valued at approximately $173,000. Institutional investors and hedge funds own 98.61% of the company’s stock.
About RingCentral
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.
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