Ringcentral (NYSE:RNG) Given Buy Rating at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Ringcentral (NYSE:RNG) in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a $32.00 price target on the software maker’s stock.

Other analysts have also issued reports about the stock. UBS Group reduced their price objective on shares of Ringcentral from $33.00 to $32.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 target price on shares of Ringcentral in a report on Tuesday. Wells Fargo & Company started coverage on shares of Ringcentral in a report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Ringcentral in a report on Wednesday, October 8th. Finally, Jefferies Financial Group decreased their price target on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a report on Wednesday, August 6th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.54.

Ringcentral Trading Down 8.5%

RNG stock opened at $27.39 on Tuesday. Ringcentral has a one year low of $20.58 and a one year high of $42.19. The firm has a market capitalization of $2.48 billion, a PE ratio of -195.63, a P/E/G ratio of 1.33 and a beta of 1.32. The firm has a 50-day moving average of $29.59 and a two-hundred day moving average of $28.04.

Ringcentral (NYSE:RNG) last posted its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The company had revenue of $638.66 million during the quarter, compared to analyst estimates of $635.39 million. During the same period in the prior year, the firm earned $0.95 earnings per share. The business’s quarterly revenue was up 4.9% on a year-over-year basis. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. On average, equities research analysts anticipate that Ringcentral will post 1.29 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Tarun Arora sold 1,037 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $31.09, for a total value of $32,240.33. Following the transaction, the chief accounting officer owned 110,626 shares in the company, valued at approximately $3,439,362.34. This represents a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Vladimir Shmunis sold 46,932 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $28.95, for a total value of $1,358,681.40. Following the completion of the transaction, the chief executive officer owned 462,429 shares in the company, valued at $13,387,319.55. This represents a 9.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 77,430 shares of company stock worth $2,291,052. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On Ringcentral

A number of hedge funds have recently added to or reduced their stakes in RNG. Allspring Global Investments Holdings LLC lifted its stake in shares of Ringcentral by 13.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,966 shares of the software maker’s stock worth $321,000 after buying an additional 1,586 shares during the last quarter. Fort Washington Investment Advisors Inc. OH lifted its stake in shares of Ringcentral by 27.1% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 995,888 shares of the software maker’s stock worth $28,233,000 after buying an additional 212,146 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Ringcentral by 8.2% in the first quarter. Bank of New York Mellon Corp now owns 548,765 shares of the software maker’s stock worth $13,587,000 after buying an additional 41,486 shares during the last quarter. Yorktown Management & Research Co Inc acquired a new stake in shares of Ringcentral in the second quarter worth $370,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Ringcentral in the first quarter worth $256,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.