RingCentral (RNG) – Research Analysts’ Weekly Ratings Changes

RingCentral (NYSE: RNG) has recently received a number of price target changes and ratings updates:

  • 5/16/2022 – RingCentral was downgraded by analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating. They now have a $80.00 price target on the stock, down previously from $95.00.
  • 5/11/2022 – RingCentral was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
  • 5/10/2022 – RingCentral was upgraded by analysts at Oppenheimer Holdings Inc. from a “market perform” rating to an “outperform” rating. They now have a $100.00 price target on the stock.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Northland Securities from $275.00 to $175.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Craig Hallum from $270.00 to $175.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at BTIG Research from $250.00 to $120.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Needham & Company LLC from $225.00 to $110.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Piper Sandler from $228.00 to $118.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Wells Fargo & Company from $185.00 to $150.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Deutsche Bank Aktiengesellschaft from $210.00 to $110.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Mizuho from $220.00 to $150.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Robert W. Baird from $130.00 to $95.00.
  • 5/10/2022 – RingCentral had its price target lowered by analysts at Raymond James from $300.00 to $135.00.
  • 4/26/2022 – RingCentral had its price target lowered by analysts at Barclays PLC from $300.00 to $140.00. They now have an “overweight” rating on the stock.
  • 3/31/2022 – RingCentral is now covered by analysts at StockNews.com. They set a “sell” rating on the stock.

NYSE RNG opened at $69.30 on Monday. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of -12.18 and a beta of 0.93. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 33.52. RingCentral, Inc. has a 1-year low of $59.04 and a 1-year high of $315.00. The stock’s 50 day moving average is $102.80 and its two-hundred day moving average is $158.75.

RingCentral (NYSE:RNGGet Rating) last issued its earnings results on Monday, May 9th. The software maker reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.05. RingCentral had a negative net margin of 30.82% and a negative return on equity of 183.51%. The business had revenue of $467.66 million during the quarter, compared to the consensus estimate of $458.36 million. During the same period last year, the business posted ($0.41) EPS. RingCentral’s revenue was up 32.7% on a year-over-year basis. On average, analysts predict that RingCentral, Inc. will post -1.99 earnings per share for the current year.

In other news, CFO Vaibhav Agarwal sold 10,443 shares of the business’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $67.59, for a total transaction of $705,842.37. Following the completion of the sale, the chief financial officer now directly owns 85,357 shares of the company’s stock, valued at $5,769,279.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mohammed Katibeh sold 1,846 shares of the stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $67.60, for a total transaction of $124,789.60. Following the sale, the chief operating officer now directly owns 110,098 shares of the company’s stock, valued at $7,442,624.80. The disclosure for this sale can be found here. 7.35% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of RNG. Cornerstone Wealth Advisors Inc. acquired a new position in RingCentral during the first quarter worth $26,000. Spire Wealth Management grew its holdings in shares of RingCentral by 843.8% during the fourth quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock valued at $28,000 after buying an additional 135 shares in the last quarter. Jackson Wealth Management LLC grew its stake in RingCentral by 117.9% in the third quarter. Jackson Wealth Management LLC now owns 21,427 shares of the software maker’s stock valued at $30,000 after purchasing an additional 11,593 shares in the last quarter. FourThought Financial LLC lifted its position 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 during the last quarter. Finally, Neo Ivy Capital Management raised its holdings in RingCentral by 185.1% in the 4th quarter. Neo Ivy Capital Management now owns 191 shares of the software maker’s stock valued at $36,000 after acquiring an additional 124 shares in the last quarter. 85.96% of the stock is owned by hedge funds and other institutional investors.

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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