RingCentral’s (RNG) Neutral Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reiterated their neutral rating on shares of RingCentral (NYSE:RNG) in a research note released on Wednesday, Benzinga reports. Rosenblatt Securities currently has a $35.00 target price on the software maker’s stock.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley lowered their price objective on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating for the company in a research report on Wednesday, April 17th. Mizuho reduced their price objective on RingCentral from $40.00 to $36.00 and set a buy rating on the stock in a report on Wednesday, February 21st. The Goldman Sachs Group lowered their target price on RingCentral from $38.00 to $34.00 and set a neutral rating for the company in a research note on Wednesday, February 21st. Wedbush reiterated a neutral rating and issued a $40.00 price target on shares of RingCentral in a report on Friday, February 16th. Finally, Needham & Company LLC dropped their price objective on RingCentral from $46.00 to $42.00 and set a buy rating for the company in a report on Wednesday, February 21st. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $38.56.

RingCentral Trading Up 0.1 %

NYSE RNG opened at $30.48 on Wednesday. RingCentral has a 1-year low of $25.08 and a 1-year high of $43.28. The company has a 50 day moving average of $32.88 and a 200-day moving average of $31.84. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -17.42, a PEG ratio of 3.19 and a beta of 0.94.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share 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. On average, analysts forecast that RingCentral will post 0.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the sale, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction on Thursday, March 7th. The shares were 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 owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders have sold 23,608 shares of company stock valued at $800,974 in the last three months. 6.76% of the stock is currently owned by corporate insiders.

Institutional Trading of RingCentral

Institutional investors and hedge funds have recently bought and sold shares of the business. Sylebra Capital LLC acquired a new position in RingCentral in the 3rd quarter valued at about $242,462,000. Ameriprise Financial Inc. grew its position in shares of RingCentral by 515.7% in the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after purchasing an additional 2,275,245 shares during the last quarter. Norges Bank acquired a new position in shares of RingCentral in the fourth quarter valued at approximately $30,471,000. Maple Rock Capital Partners Inc. bought a new position in shares of RingCentral during the third quarter worth approximately $15,510,000. Finally, Vanguard Group Inc. lifted its holdings in RingCentral by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock worth $295,971,000 after purchasing an additional 469,280 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

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.