RingCentral (NYSE:RNG) Shares Gap Up on Analyst Upgrade

RingCentral, Inc. (NYSE:RNG) shares gapped up before the market opened on Wednesday after Piper Sandler raised their price target on the stock from $31.00 to $32.00. The stock had previously closed at $29.99, but opened at $33.34. Piper Sandler currently has a neutral rating on the stock. RingCentral shares last traded at $34.52, with a volume of 1,047,783 shares changing hands.

RNG has been the subject of a number of other research reports. The Goldman Sachs Group decreased their price target on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Wedbush reaffirmed a “neutral” rating and set a $40.00 price target on shares of RingCentral in a research report on Friday, February 16th. Morgan Stanley cut their price objective on RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 17th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $35.00 target price on shares of RingCentral in a report on Wednesday, May 1st. Finally, KeyCorp dropped their target price on RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 21st. Nine equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.28.

Insider Activity at RingCentral

In other news, CFO Vaibhav Agarwal sold 6,224 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the transaction, the chief financial officer now owns 130,753 shares in the company, valued at $4,125,257.15. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction that occurred on 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 sale, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the transaction, the chief financial officer now owns 130,753 shares in the company, valued at approximately $4,125,257.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,608 shares of company stock worth $800,974. 6.76% of the stock is owned by company insiders.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC grew its position in RingCentral by 9.3% in the third quarter. SG Americas Securities LLC now owns 14,324 shares of the software maker’s stock worth $424,000 after acquiring an additional 1,213 shares during the period. Commonwealth Equity Services LLC increased its position in shares of RingCentral by 14.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 15,426 shares of the software maker’s stock worth $457,000 after purchasing an additional 1,964 shares during the last quarter. Bank of New York Mellon Corp lifted its position in RingCentral by 9.2% in the third quarter. Bank of New York Mellon Corp now owns 678,036 shares of the software maker’s stock valued at $20,090,000 after buying an additional 57,358 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in RingCentral by 15.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,628 shares of the software maker’s stock worth $433,000 after buying an additional 1,972 shares during the period. Finally, Mackenzie Financial Corp raised its stake in shares of RingCentral by 303.2% in the 3rd quarter. Mackenzie Financial Corp now owns 56,623 shares of the software maker’s stock valued at $1,625,000 after acquiring an additional 42,581 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Trading Up 14.6 %

The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of -19.65, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. The firm’s fifty day moving average price is $32.83 and its 200 day moving average price is $31.92.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. On average, analysts forecast that RingCentral, Inc. will post 0.45 earnings per share for the current fiscal year.

About RingCentral

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.