Ringcentral (NYSE:RNG) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Ringcentral (NYSE:RNG) to a hold rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

RNG has been the topic of several other research reports. KeyCorp started coverage on shares of Ringcentral in a research report on Friday, June 6th. They issued a “sector weight” rating on the stock. Wall Street Zen upgraded shares of Ringcentral from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 5th. UBS Group lowered their price target on shares of Ringcentral from $33.00 to $32.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 6th. Jefferies Financial Group lowered their price target on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating on the stock in a research report on Wednesday, August 6th. Finally, Oppenheimer upgraded shares of Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a research report on Wednesday, August 6th. Four equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $31.38.

Ringcentral Stock Down 0.9%

Shares of NYSE RNG opened at $27.86 on Tuesday. The company’s 50-day simple moving average is $29.53 and its 200-day simple moving average is $27.39. Ringcentral has a 52-week low of $20.58 and a 52-week high of $42.19. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of -199.01, a price-to-earnings-growth ratio of 1.29 and a beta of 1.32.

Ringcentral (NYSE:RNG) last announced its earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.04. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The business had revenue of $620.40 million for the quarter, compared to analyst estimates of $617.90 million. During the same quarter last year, the business earned $0.91 earnings per share. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. Ringcentral has set its Q3 2025 guidance at 1.060-1.080 EPS. FY 2025 guidance at 4.200-4.320 EPS. Equities research analysts anticipate that Ringcentral will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling at Ringcentral

In other Ringcentral news, CAO Tarun Arora sold 1,037 shares of the business’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $31.09, for a total value of $32,240.33. Following the transaction, the chief accounting officer directly owned 110,626 shares in the company, valued at $3,439,362.34. The trade was a 0.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 2,443 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $30.70, for a total transaction of $75,000.10. Following the completion of the transaction, the chief financial officer owned 226,448 shares in the company, valued at $6,951,953.60. The trade was a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 77,430 shares of company stock worth $2,291,052 in the last ninety days. 6.97% of the stock is owned by insiders.

Institutional Investors Weigh In On Ringcentral

A number of institutional investors and hedge funds have recently made changes to their positions in RNG. Contour Asset Management LLC purchased a new stake in shares of Ringcentral in the 1st quarter valued at approximately $45,650,000. Jacobs Levy Equity Management Inc. raised its stake in shares of Ringcentral by 354.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker’s stock valued at $21,558,000 after acquiring an additional 679,211 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Ringcentral by 7.9% in the 1st quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker’s stock valued at $173,987,000 after acquiring an additional 512,834 shares during the period. Nuveen LLC purchased a new stake in shares of Ringcentral in the 1st quarter valued at approximately $12,101,000. Finally, AQR Capital Management LLC raised its stake in shares of Ringcentral by 27.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,626,454 shares of the software maker’s stock valued at $45,728,000 after acquiring an additional 351,347 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

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.