RingCentral (NYSE:RNG) Receives Neutral Rating from Rosenblatt Securities

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

RNG has been the subject of a number of other reports. The Goldman Sachs Group cut their price target on RingCentral from $38.00 to $34.00 and set a neutral rating for the company in a report on Wednesday, February 21st. Morgan Stanley decreased their price target on RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research report on Wednesday, April 17th. KeyCorp cut their price objective on shares of RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a research report on Wednesday, February 21st. Mizuho decreased their target price on shares of RingCentral from $40.00 to $36.00 and set a buy rating on the stock in a report on Wednesday, February 21st. Finally, Needham & Company LLC lowered their target price on shares of RingCentral from $46.00 to $42.00 and set a buy rating on the stock in a research note on Wednesday, February 21st. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $38.56.

RingCentral Stock Performance

Shares of RNG opened at $30.49 on Wednesday. The firm has a market capitalization of $2.81 billion, a P/E ratio of -17.42, a P/E/G ratio of 3.23 and a beta of 0.94. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28. The stock has a 50 day moving average price of $32.87 and a two-hundred day moving average price of $31.85.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC grew its position in shares of RingCentral by 9.3% in the 3rd quarter. SG Americas Securities LLC now owns 14,324 shares of the software maker’s stock valued at $424,000 after buying an additional 1,213 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in RingCentral by 91.2% in the third quarter. Handelsbanken Fonder AB now owns 20,270 shares of the software maker’s stock valued at $601,000 after buying an additional 9,670 shares during the last quarter. Simplicity Solutions LLC acquired a new stake in shares of RingCentral in the third quarter valued at approximately $305,000. Commonwealth Equity Services LLC raised its stake in RingCentral by 14.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 15,426 shares of the software maker’s stock valued at $457,000 after acquiring an additional 1,964 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of RingCentral by 9.2% in the 3rd 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 period. 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.