RingCentral (NYSE:RNG) Upgraded to “Hold” by StockNews.com

StockNews.com upgraded shares of RingCentral (NYSE:RNGGet Rating) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.

RNG has been the subject of a number of other research reports. Piper Sandler cut their price objective on shares of RingCentral from $228.00 to $118.00 in a report on Tuesday. KeyCorp cut their price objective on shares of RingCentral from $295.00 to $252.00 and set an overweight rating for the company in a report on Wednesday, February 23rd. Barclays cut their price objective on shares of RingCentral from $300.00 to $140.00 and set an overweight rating for the company in a report on Tuesday, April 26th. Robert W. Baird cut their price objective on shares of RingCentral from $130.00 to $95.00 in a report on Tuesday. Finally, Needham & Company LLC cut their target price on shares of RingCentral from $225.00 to $110.00 in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Buy and an average price target of $192.68.

Shares of NYSE:RNG opened at $61.65 on Wednesday. The firm has a market cap of $5.68 billion, a PE ratio of -15.07 and a beta of 0.93. The firm’s 50 day simple moving average is $104.72 and its 200-day simple moving average is $161.76. RingCentral has a one year low of $61.60 and a one year high of $315.00. The company has a debt-to-equity ratio of 4.13, a quick ratio of 1.24 and a current ratio of 1.24.

RingCentral (NYSE:RNGGet Rating) last issued its earnings results on Monday, May 9th. The software maker reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. The business had revenue of $467.66 million for the quarter, compared to analyst estimates of $458.36 million. RingCentral had a negative net margin of 23.59% and a negative return on equity of 126.80%. The company’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same period last year, the company posted ($0.41) earnings per share. Equities research analysts predict that RingCentral will post -1.99 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Paradigm Financial Advisors LLC grew its holdings in shares of RingCentral by 4.8% during the 3rd quarter. Paradigm Financial Advisors LLC now owns 1,040 shares of the software maker’s stock worth $226,000 after purchasing an additional 48 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of RingCentral by 0.5% during the 3rd quarter. Toronto Dominion Bank now owns 10,841 shares of the software maker’s stock worth $2,358,000 after purchasing an additional 52 shares in the last quarter. FourThought Financial LLC grew its holdings in shares of RingCentral by 60.6% during the 3rd quarter. FourThought Financial LLC now owns 159 shares of the software maker’s stock worth $34,000 after purchasing an additional 60 shares in the last quarter. Credit Agricole S A grew its holdings in shares of RingCentral by 9.6% during the 4th quarter. Credit Agricole S A now owns 744 shares of the software maker’s stock worth $139,000 after purchasing an additional 65 shares in the last quarter. Finally, IndexIQ Advisors LLC grew its holdings in shares of RingCentral by 5.4% during the 3rd quarter. IndexIQ Advisors LLC now owns 1,378 shares of the software maker’s stock worth $300,000 after purchasing an additional 71 shares in the last quarter. 85.96% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Company Profile (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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Analyst Recommendations for RingCentral (NYSE:RNG)

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