RingCentral (NYSE:RNG) Shares Gap Up to $33.45

RingCentral, Inc. (NYSE:RNG) gapped up before the market opened on Friday . The stock had previously closed at $33.45, but opened at $37.00. RingCentral shares last traded at $34.74, with a volume of 298,909 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Mizuho raised their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Robert W. Baird raised their price objective on shares of RingCentral from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Wedbush reiterated a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a research note on Thursday, May 9th. Morgan Stanley lowered their price objective on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of RingCentral from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Nine equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.50.

RingCentral Stock Performance

The business’s 50 day simple moving average is $31.31 and its 200-day simple moving average is $32.64. The company has a market cap of $3.19 billion, a price-to-earnings ratio of -23.83, a price-to-earnings-growth ratio of 3.00 and a beta of 1.02.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.05. The business had revenue of $584.21 million during the quarter, compared to analyst estimates of $577.81 million. Research analysts expect that RingCentral, Inc. will post 0.54 earnings per share for the current year.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total value of $410,730.06. Following the transaction, the chief financial officer now owns 158,784 shares in the company, valued at approximately $5,717,811.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the transaction, the chief financial officer now owns 388,919 shares in the company, valued at approximately $13,553,827.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total transaction of $410,730.06. Following the transaction, the chief financial officer now owns 158,784 shares in the company, valued at approximately $5,717,811.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,869 shares of company stock valued at $762,165. Insiders own 6.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC bought a new position in shares of RingCentral during the 4th quarter worth about $26,000. Hexagon Capital Partners LLC increased its holdings in shares of RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after purchasing an additional 501 shares during the period. Tennessee Valley Asset Management Partners bought a new stake in RingCentral in the fourth quarter valued at about $33,000. Nisa Investment Advisors LLC increased its stake in RingCentral by 100.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after acquiring an additional 500 shares during the period. Finally, Versant Capital Management Inc increased its stake in RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after acquiring an additional 664 shares during the period. Institutional investors 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.