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

RingCentral (NYSE:RNGGet Rating) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report issued on Tuesday.

A number of other research firms also recently commented on RNG. MKM Partners decreased their target price on RingCentral from $80.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, October 26th. Craig Hallum decreased their target price on RingCentral from $110.00 to $60.00 in a report on Thursday, November 10th. Deutsche Bank Aktiengesellschaft decreased their target price on RingCentral from $70.00 to $50.00 in a report on Thursday, November 10th. Barclays decreased their target price on RingCentral from $90.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, November 10th. Finally, Evercore ISI decreased their target price on RingCentral to $40.00 in a report on Tuesday, November 15th. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $83.87.

RingCentral Trading Down 1.2 %

RingCentral stock opened at $35.79 on Tuesday. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 33.52. RingCentral has a 52 week low of $28.00 and a 52 week high of $230.55. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of -4.75 and a beta of 0.89. The stock has a 50-day moving average price of $37.30 and a 200 day moving average price of $48.21.

Insider Activity

In other news, CAO John H. Marlow sold 6,047 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $42.05, for a total value of $254,276.35. Following the completion of the sale, the chief accounting officer now directly owns 202,198 shares in the company, valued at $8,502,425.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO John H. Marlow sold 6,047 shares of RingCentral stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $42.05, for a total value of $254,276.35. Following the sale, the chief accounting officer now directly owns 202,198 shares of the company’s stock, valued at $8,502,425.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Mohammed Katibeh sold 2,540 shares of RingCentral stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $37.51, for a total value of $95,275.40. Following the completion of the sale, the chief operating officer now directly owns 128,745 shares in the company, valued at $4,829,224.95. The disclosure for this sale can be found here. Insiders sold 12,473 shares of company stock worth $505,601 over the last three months. 7.35% of the stock is currently owned by corporate insiders.

Institutional Trading of RingCentral

A number of institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC boosted its stake in RingCentral by 209.8% during the first quarter. SG Americas Securities LLC now owns 5,536 shares of the software maker’s stock worth $649,000 after buying an additional 10,577 shares during the last quarter. Arizona State Retirement System boosted its stake in RingCentral by 3.1% during the first quarter. Arizona State Retirement System now owns 21,714 shares of the software maker’s stock worth $2,545,000 after buying an additional 658 shares during the last quarter. Clearstead Advisors LLC boosted its stake in RingCentral by 57.1% during the first quarter. Clearstead Advisors LLC now owns 666 shares of the software maker’s stock worth $78,000 after buying an additional 242 shares during the last quarter. Stephens Investment Management Group LLC boosted its stake in RingCentral by 1.9% during the first quarter. Stephens Investment Management Group LLC now owns 174,278 shares of the software maker’s stock worth $20,427,000 after buying an additional 3,304 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in RingCentral by 30.1% during the first quarter. Russell Investments Group Ltd. now owns 447,067 shares of the software maker’s stock worth $52,401,000 after buying an additional 103,557 shares during the last quarter. 86.29% of the stock is owned by institutional investors and hedge funds.

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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