RingCentral (NYSE:RNG) Earns “Neutral” Rating from Rosenblatt Securities

RingCentral (NYSE:RNG)‘s stock had its “neutral” rating reissued by equities research analysts at Rosenblatt Securities in a research note issued on Wednesday, Benzinga reports. They presently have a $35.00 price target on the software maker’s stock. Rosenblatt Securities’ price target would indicate a potential upside of 18.16% from the stock’s previous close.

Several other brokerages have also issued reports on RNG. Morgan Stanley dropped their price objective on RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 17th. Wedbush reiterated a “neutral” rating and set a $40.00 target price on shares of RingCentral in a research note on Friday, February 16th. Needham & Company LLC reduced their price objective on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. The Goldman Sachs Group reduced their price objective on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Finally, Piper Sandler dropped their target price on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.56.

RingCentral Stock Down 4.9 %

RingCentral stock opened at $29.62 on Wednesday. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of -16.93, a price-to-earnings-growth ratio of 3.31 and a beta of 0.92. The stock has a 50-day moving average price of $32.93 and a 200 day moving average price of $31.86.

RingCentral (NYSE:RNG) last released its earnings results on Tuesday, February 20th. The software maker reported ($0.33) 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 analysts’ expectations of $569.65 million. Research analysts anticipate that RingCentral will post 0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the sale, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the sale, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction that occurred 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 of the company’s stock, valued at $816,525.36. The disclosure for this sale can be found here. In the last three months, insiders sold 23,608 shares of company stock valued at $800,974. Company insiders own 6.76% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC acquired a new position in shares of RingCentral in the 4th quarter valued at $26,000. Hexagon Capital Partners LLC boosted its holdings in shares of RingCentral by 116.8% in the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock valued at $32,000 after purchasing an additional 501 shares during the last quarter. Tennessee Valley Asset Management Partners acquired a new position in shares of RingCentral in the 4th quarter valued at $33,000. Nisa Investment Advisors LLC boosted its holdings in shares of RingCentral by 100.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after purchasing an additional 500 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its holdings in shares of RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after purchasing an additional 977 shares during the last quarter. 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.