Ringcentral (NYSE:RNG) Stock Rating Lowered by Zacks Research

Ringcentral (NYSE:RNG) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other equities research analysts also recently commented on RNG. Rosenblatt Securities reissued a “buy” rating and set a $32.00 target price on shares of Ringcentral in a research report on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a research note on Monday, December 29th. Morgan Stanley decreased their price objective on Ringcentral from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Thursday, January 15th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $36.00 price objective on shares of Ringcentral in a research note on Tuesday, November 4th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Ringcentral presently has an average rating of “Hold” and a consensus target price of $31.46.

Ringcentral Stock Up 6.5%

Shares of RNG opened at $26.43 on Tuesday. The business’s fifty day moving average is $28.43 and its 200 day moving average is $28.62. Ringcentral has a 12-month low of $20.58 and a 12-month high of $35.25. The stock has a market cap of $2.29 billion, a P/E ratio of 188.80, a P/E/G ratio of 1.03 and a beta of 1.23.

Ringcentral (NYSE:RNG) last released its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05. Ringcentral had a net margin of 0.53% and a negative return on equity of 22.38%. The firm had revenue of $638.66 million for the quarter, compared to the consensus estimate of $635.39 million. During the same quarter in the prior year, the company posted $0.95 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. On average, analysts expect that Ringcentral will post 1.29 EPS for the current year.

Insider Activity

In other Ringcentral news, CAO Tarun Arora sold 3,888 shares of Ringcentral stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $28.70, for a total transaction of $111,585.60. Following the transaction, the chief accounting officer owned 93,412 shares of the company’s stock, valued at $2,680,924.40. This trade represents a 4.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 14,971 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $25.96, for a total value of $388,647.16. Following the completion of the transaction, the chief financial officer owned 165,593 shares in the company, valued at $4,298,794.28. The trade was a 8.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 115,838 shares of company stock worth $3,164,064. Corporate insiders own 7.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RNG. Empowered Funds LLC increased its position in shares of Ringcentral by 9.0% during the 1st quarter. Empowered Funds LLC now owns 11,417 shares of the software maker’s stock valued at $283,000 after purchasing an additional 940 shares during the last quarter. Woodline Partners LP grew its position in Ringcentral by 14.8% during the first quarter. Woodline Partners LP now owns 159,474 shares of the software maker’s stock valued at $3,949,000 after buying an additional 20,518 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Ringcentral by 2.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,190 shares of the software maker’s stock valued at $6,467,000 after buying an additional 5,398 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Ringcentral during the second quarter worth about $277,000. Finally, Ameritas Advisory Services LLC bought a new stake in Ringcentral in the second quarter worth about $49,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Ringcentral Company Profile

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.